Lumis, HDFC invest in India’s PeopleStrong
Lumis Partners has teamed up with Housing Development Finance Corporation (HDFC) to invest in PeopleStrong, an Indian human resources outsourcing company. The size of the equity commitment was not disclosed.
Founded in 2006 by Pankaj Bansal and Shelly Singh, with seed funding from Withya Group, PeopleStrong is headquartered in Gurgaon and has branch offices in Delhi, Mumbai, Hyderabad and Bengaluru.
It provides a variety of HR shared services, process consulting, payroll management and recruitment services. Clients include Tata, Kotak Life Insurance, Larsen & Toubro, Procter & Gamble, Philips, Aviva and Microsoft.
Lumis first invested in PeopleStrong in 2011. The company also lists AAA Ventures and The HR Fund among its investors and advisors.
PeopleStrong's existing institutional investors share the upbeat rigor that this investment has been welcomed with. Says Sandeep Sinha of Lumis Partners:
"This landmark investment is a clear recognition of a market leader in the making and would go a long way in the next stage growth story of PeopleStrong," said Sandeep Sinha, Lumis' co-founder and managing partner, in a statement.
Lumis describes itself as an operating private equity fund specializing in education, human capital services, supply chain management, technology and consulting. It makes investments of $10-100 million. A significant part of the leadership team was drawn from General Electric.
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