Human resource tech startup HONO raises $5M in Series A led by Aakash Chaudhry
Chaudhry has made a personal investment of $4 million, which is his first outside of the education sector. The startup has raised the remaining capital from other individual investors including Hemant Sultania, Amit Khanna of Amaya Ventures, and Harsh Gupta of Udayat Group.
With this investment, Chaudhry will join the Board of Directors of the company and will be actively involved in guiding business operations.
Speaking about his reasons for investing in HONO, Aakash said,
“HONO’s emphasis on technology, particularly AI to address, simplify and humanise end-to-end HR processes being a single source of truth and its ability to transform HR into a productivity driver is something we believe in. We expect HONO’s growth curve to show a much steeper rise hereon. Besides, we value the strong and constructive relationship with HONO, developed over years of association with them as a client. We believe in working with brands that are committed to revolutionising the industry. And HONO’s vision, its client centricity and its high-end solutions show that promise.”
According to the official statement, HONO is looking to leverage the fresh corpus of funds to expand its operations across India, the Middle East, and Southeast Asia, increasing its market footprint and strengthening its product offering.
With over 300+ clients including Indigo Airlines, Spencer’s Retail, Kanmo Group, Dainik Bhaskar, Al Fardan Group, NBC Bearings, HDFC Bank, Medicover, Aakash+BYJU’S already on its client list, and over one million employees on its AI-backed platform, HONO has achieved remarkable growth of 2X during FY22 They now intend scaling the business and their sales vertical, and plan to double their client numbers, aiming at supporting five million people on the HONO platform in the current FY23.
“Having Aakash Chaudhry and our new group of investors in the fold, makes the HONO journey even more exciting. Their presence and this strategic investment not only establishes our investors’ faith in the business, but also reinstates our belief and the belief of the market in the direction HONO is evolving. We have, for years, been advocating that future-readiness of HR or organization lies in their use of data towards better productivity and happier people. And for that to happen they need to have a single-source-of-truth backed by truly smart systems. With this new impetus, we will be able to take this farther and do it globally, at scale,” added Mukul Jain, Founder & CEO HONO.
HONO is apparently a moving startup with prodding improvement of human resources services platform. I’m sure this startup would continue to prosper in its journey ahead. My best wishes to the entire group of HONO. This will give them a giant accomplishment later on.Shishir Gupta, Founder and CEO, StartupLanes
Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
Check out our YouTube channel for insightful content from the Indian startup ecosystem.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.