ProHance Announces Investment from Chrys Capital
Bangalore, India November 30, 2023: ProHance, a new-age workplace analytics and operations management platform company announced today a majority investment from ChrysCapital. The investment will be primarily used to accelerate ProHance’s expansion across the globe and further strengthen its market dominance. ProHance was founded by Kishore Reddy and Rajesh Sharma in 2009 with a vision of creating a world class global product out of India.
The investment marks ChrysCapital’s foray into the growing Indian SaaS ecosystem valued at over $12 billion. Indian SaaS has outpaced the global market growth with ~5% market share and is poised to reach 8% by CY27. ChrysCapital is one of the leading investment firms based out of India manages $5 billion across nine funds and has valuable experience in investing across a breadth of sectors that leverage growth.
ProHance offers enterprises actionable analytics to improve their operational
productivity. It is an enterprise grade product being leveraged by over 350,000 users in more than 25 countries.
ProHance founders, Kishore & Rajesh, commented “ProHance has achieved remarkable success in deploying its product at leading IT/BPO, GCC, BFSI clients in India and US, and 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.”
The founders and existing senior leadership of Prohance, will remain an integral part of the business post the acquisition.
Ankur Dhingra, CEO 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, 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 organizations.”
Rishabh Iyer, Vice President, 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. We are excited to be partnering with an innovative and dynamic company for our inaugural investment in the SaaS sector.”
DC Advisory was the exclusive financial advisor to ProHance and its shareholders.
For this transaction, Cyril Amarchand Mangaldas and Cooley served as the legal counsel for ChrysCapital and EY as the accounting and tax advisor. BLC served as legal counsel and Aeka Advisors for ProHance.
Established in 1999, the ChrysCapital group manages $5 billion across nine funds and is one of the leading investment firms based out of India. With over 100 investments since 1999, ChrysCapital has valuable experience in investing across a breadth of sectors that leverage growth and the India cost advantage to build world-class companies. The firm raised its latest $1.4 billion ninth fund in 2022 and in the last year completed two large investments: the buyout of IDFC AMC along with Bandhan Bank and GIC and the buyout of Xoriant, a premier Software Engineering and Digital IT services provider. The firm has realized $6.5 billion from over 75 exits in India. The ChrysCapital group’s funds are ranked in the top decile of global private equity funds of similar vintage. ChrysCapital has backed some of the leading names in the technology space including Mphasis, HCL Technologies, Infosys, LiquidHub, Cyient, LTI, KPIT and Infogain.
Founded in 2009, ProHance is a new age workplace analytics & operations enablement platform. ProHance enables organizations to drive efficiency while optimizing employee utilization with deep insights on employee and team performance. The SaaS-based modular approach allows an enterprise to effectively measure time and effort contribution with over 200 + customizable reports. With over 350,000 users in over 175 enterprises across 25 countries, ProHance has a proven track record of enabling organizations to achieve operational excellence. For more information, please visit www.prohance.net.
Name: Shikha Mishra
Email: [email protected]