ChrysCapital buys stake in ProHance for first investment in Indian SaaS

ProHance says ChrysCapital's 75% stake will help it in expanding in Philippines, Australia, South America

Private equity firm ChrysCapital said on Thursday it has acquired a 75 per cent stake in ProHance Analytics, a software-as-a-services (SaaS) expert in workforce analytics and operations.

It is ChrysCapital's first investment in the growing Indian SaaS ecosystem, which is valued at more than $12 billion. Indian SaaS has almost 5 per cent of the global market and will reach 8 per cent by 2027, according to estimates.

ProHance, which was founded by Kishore Reddy and Rajesh Sharma in 2009, provides insights to small and midsize businesses to make decisions in complex, distributed, and hybrid workforces. The company’s services are used by 320,000 people at over 170 enterprises in 24 countries, said a statement.

ProHance said ChrysCapital’s stake will help it in expanding in Philippines, Australia, and South America. The founders and senior leadership of ProHance will continue after the acquisition.

“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,” said Ankur Dhingra, chief executive officer of ProHance.

"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,” said Sanjay Jalona, operating partner at ChrysCapital Advisors.

Rishabh Iyer, vice-president at ChrysCapital Advisors, said: "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.”

DC Advisory was the exclusive financial advisor to ProHance and its shareholders.