ChrysCapital acquires 75% stake in ProHance, enters SaaS segment

Private equity firm ChrysCapital has acquired a 75 per cent stake in ProHance Analytics, a business-to-business software-as-a-service (B2B SaaS) platform offering workforce analytics and operations enablement.

The investment marks ChrysCapital’s foray into the growing Indian SaaS ecosystem valued at over $12 billion, as per a statement from the firm. Indian SaaS has outpaced the global market growth with 5 per cent market share and is poised to reach 8 per cent by CY27.

ProHance is a workplace analytics and operations management platform that provides insights to enterprise and small- and mid-size business customers.

Founded by Kishore Reddy and Rajesh Sharma in 2009, ProHance application comprises a worktime module, asset optimisation module and an analytics module. The company, which has over 3.2 lakh users in over 170 enterprises across 24 countries and clients in India and the US.

With ChrysCapital’s acquisition, ProHance aims to build on its success and plans to strategically expand into important markets such as the Philippines, Australia, and South America. ProHance has witnessed over 50 per cent growth, said ChrysCapital.

The founders and existing senior leadership of ProHance will continue to be a part of the acquired unit. “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,” said Ankur Dhingra, CEO, ProHance.

“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,” said Sanjay Jalona, operating partner, ChrysCapital Advisors. The Hindu BusinessLine