A new VC fund has been launched jointly by recruitment firm Kelly Services India and its joint venture partner for Asia Pacific, Temp Holdings. The VC fund called the Temp Innovation Fund has been launched for startups that are focused on human resources.
The Temp Innovation Fund sets aside Rs 67 crore that will be invested in disruptive startups engaged in staffing and recruitment services in India. Prior to this Temp Holdings has launched such a fund in two other countries, One was in Japan earlier this year and post that in US, and now India. Kamal Karanth, who is the managing director at Kelly Services & Kelly OCG India, said in a statement:
“The Indian HR market is valued at about Rs 40,000 crore, including all technology platforms, and is poised for rapid growth. We are looking out for startups harnessing complex algorithms, predictive analytics, patented platforms and digital technologies that can enhance HR and recruitment productivity,”
The recruitment firm is looking for startups working with HR information systems, employee productivity, recruitment, onboarding, learning management, assessments, employee analytics and engagement, and payroll. Karnath adds:
“VCs in India are concentrating on internet, fintech, healthcare, edutech and clean tech startups. The Temp Innovation Fund will invest in HR startups which will make people-related interfaces and transactions more productive,…We look at this as an angel fund and believe this is how we can make the strongest impact,”
An exclusively HR-focused fund can help pace up the constantly evolving phase of the HR and talent solutions ecosystem in the country India. Started in 1946 by William Russell Kelly, today Kelly Services is a Fortune 500 company delivering staffing solutions across more than 37 countries and territories that include temporary, full time placement, outsourcing and consulting.