PE major ChrysCapital makes its first investment in Indian SaaS space

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Private equity major ChrysCapital announced it has acquired a 75 per cent stake in software-as-a-service (SaaS) player ProHance Analytics, offering workforce analytics and operations enablement.


The investment marks ChrysCapital’s entry into the growing Indian SaaS ecosystem, valued at over $12 billion. Indian SaaS has outpaced global market growth with approximately 5 per cent market share and is poised to reach 8 per cent by calendar year 2027.


ProHance is a workplace analytics and operations management platform that provides insights to enterprise and small and midsize business customers for smarter decisions in complex, distributed, and hybrid workforces.


The company, founded by Kishore Reddy and Rajesh Sharma in 2009, has demonstrated a 50 per cent growth rate, said the statement from the company. The company has over 320,000 users in more than 170 enterprises across 24 countries.


With ChrysCapital’s acquisition, ProHance hopes to build on its success and plans to strategically expand into important markets such as the Philippines, Australia, and South America. This industry is estimated to be worth over $4 billion.


The founders and existing senior leadership of ProHance will remain an integral part of the business following the acquisition.


Ankur Dhingra, chief executive officer of ProHance, said, “We are excited to partner with ChrysCapital as it will empower us to accelerate our global expansion efforts and align seamlessly with our vision of becoming a market leader. Our commitment to innovation, coupled with a dedicated team and robust solutions, has garnered significant recognition and trust from clients.”


Sanjay Jalona, operating partner at ChrysCapital Advisors, stated, “ChrysCapital is delighted to back ProHance, a company distinguished by its execution-oriented leadership. Platforms like ProHance play a pivotal role in a hybrid workplace, seamlessly connecting and empowering teams to collaborate efficiently regardless of physical location. I have personally seen the benefits of ProHance, having been one of their largest clients at prior organisations.”


Rishabh Iyer, vice president at ChrysCapital Advisors, stated, “At ChrysCapital, we see tremendous potential in ‘India for Global SaaS’ given the large developer talent pool and higher adoption of cloud in global enterprises.”