Multiplier, an HR management platform, has raised $60 million in its series B round which saw participation and backing from Sequoia Capital India and Tiger Global along with DST Global Partners. With this investment, Multiplier’s total funding rose to $77.2 million, and a company valuation of $400 million.
In the series B round, Tiger Capital invested $30 million and Sequoia Capital $24 million according to the data published by Venture Cap Insights. This latest round of funding comes 3 months after Sequoia Capital India invested $13.2 million in the Series A- round.
The USP of Multiplier is it enables international hiring and makes payroll and benefits processing much easier. Multiplier gives companies access to potential candidates across international borders, assists in local compliance problems, and handles labor contracts, employee benefits, payroll systems, and taxes.
The charges for Multiplier are $300 per employee per month and for freelancers, it is $40 per month. In places where businesses have their own entity, Multiplier manages the employee payroll starting at $20 per employee per month.
The multiplier was founded in 2,000 and was an integral part of the fifth cohort of Sequoia Capital India’s Surge. With this funding, Multiplier will speed up its work of expanding its global infrastructure, adding new partners, and also introducing new features and capabilities on the Multiplier platform.
Besides these functions, Multiplier is hard at work to introduce crypto payroll features, enabling businesses to pay freelancers in cryptocurrency, which is a first for Asia.