PeopleStrong, one of Asia’s leading human capital management (HCM) SaaS providers, has announced a majority investment by the Private Equity arm of Goldman Sachs Alternatives. The deal marks a strategic inflection point for the company as it prepares to scale globally and double down on AI-led innovation.
The investment underscores PeopleStrong’s position as a key player in India’s HR tech ecosystem, sitting at the confluence of three major shifts: enterprise digitisation, AI adoption, and the rise of Indian SaaS on the global stage.
Founded in Gurugram, PeopleStrong offers a comprehensive, AI-powered HCM suite covering talent acquisition, payroll, employee experience, and performance management. The platform processes over 1.5 million paychecks monthly across multiple geographies and serves a client base spanning key sectors including BFSI, retail, aviation, healthcare, and manufacturing.
The company boasts an impressive enterprise clientele including the Aditya Birla Group, Tata, Mahindra, Kotak Mahindra Bank, HDFC Ergo, Paytm, Cipla, and Air India. Currently catering to over two million users, PeopleStrong has ambitious plans to expand to 10 million global users within the next five years.
“We’ve remained committed to sustainable and profitable growth,” said Sandeep Chaudhary, CEO of PeopleStrong. “As one of the few EBITDA-positive SaaS companies with market leadership, we’re thrilled to welcome Goldman Sachs as a strategic partner. Their global strength in SaaS and AI will be instrumental in fuelling our next stage of innovation and scale.”
Pankaj Bansal, Founder of PeopleStrong, reflected on the company’s early years. “When we started, HR SaaS was an unknown category in India. We not only built the product but also shaped the market. This milestone is a testament to the trust of our clients and the relentless efforts of our team. I also pay tribute to my late co-founder, Shelly Singh, whose vision continues to guide us.”
Commenting on the transaction, Rajat Sood, Managing Director at Goldman Sachs, said, “PeopleStrong operates at the intersection of talent and technology, delivering measurable outcomes for clients through its tech-first approach to human capital management. We look forward to supporting the company’s next chapter of growth by leveraging our global platform and network.”
Goldman Sachs has been an active investor in India for nearly two decades, having deployed over $8.5 billion in alternative capital across the country since 2006. Its investment in PeopleStrong is aligned with its broader strategy to back high-growth, technology-driven enterprises.
Manish Gaur, Managing Director and Head of Enterprise Tech at Multiples Private Equity, added, “We are proud to have partnered with a high-performing leadership team to build a resilient and scalable SaaS business. The foundation is strong, and the future is even more promising.”
PeopleStrong’s mobile-first platform continues to receive accolades, with a 4.8/5 rating across iOS and Android and consistent recognition in Gartner’s ‘Voice of the Customer’ reports. The company was named Customers’ Choice for Cloud HCM Suites for enterprises with over 1,000 employees for three consecutive years from 2022 to 2024.
With Goldman Sachs now on board, PeopleStrong is poised to enhance its technological capabilities, expand into new markets, and further solidify its leadership in the rapidly evolving global HR tech space.