Pre-seed capital has been raised by Rapid, an Employer of Record (EoR) with a focus on India, totaling USD 2,65,000 in capital.
Leading the investment round are Aswin Choudhury, Deepak Panda, Ashok Padhy, Hemanth Kavuluru, and a few angel investors. The firm wants to fund $1 million USD, and the round is still available. The money will be used for early client acquisition and product development.
Navin Rungta, Founder of Rapid, said, “Investment in Rapid validates the business model and the unique challenges we are trying to solve that benefit the entire ecosystem. The team is truly inspired by their vote of confidence and looks forward to scaling the venture in the coming months.”
“The funding will be utilized strategically for product and early customer acquisition, to ensure the platform is cutting-edge and supports the business vision appropriately. The company plans to utilize these funds to boost its growth in terms of product and early customer acquisition”, he added.
According to the startup, it offers a platform through which businesses can recruit and handle Indian talent around-the-clock utilising creative, straightforward, scalable technology that has strict privacy controls.
With its extensive experience and integrated HR platform, Rapid manages payroll and benefits, reduces legal risk, and rapidly and affordably establishes teams in India. In addition, Rapid provides professional help, a single billing in the clients’ currency, carefully chosen benefits, and background check services. Businesses that work with Rapid may concentrate on growth while Rapid handles the rest.