Today, we have some great news to share with you. We're thrilled to announce that we've raised our Series A of USD 13.2Mn backed by Sequoia Capital India and investor advisors Deepinder Goyal (co-founder, Zomato) and Amrish Rau (CEO, Pine Labs).
What makes this even more remarkable is that it comes just four months after we raised a seed round from Sequoia Capital India's Surge, Golden Gate Ventures, MS & AD Ventures, Picus Capital. Within three months of our seed fund, we have expanded our presence in 150+ countries across the globe, doubled our customer base, and increased our revenue by 3x.
Businesses are having a difficult time finding qualified employees due to high hiring demand and shifting skill requirements. To overcome this talent deficit, companies need to be strategic when hiring to become sustainable. Looking for talent globally can enable companies to become more innovative, adaptive, and diverse. However, if companies want to hire international talent, they must comply with the local legislation, which varies from country to country.
Opening a business bank account in another country can be cumbersome, time-consuming, and risky. You will need to jump through administrative hurdles. Every country has its processes when it comes to documentation and due diligence. Some challenges include delay in processing paperwork, repeated screenings of the entity, disclosure of payment origins, account opening refusals, and litigations.
When entering a new market, you must deal with an entirely new set of laws, regulations, and rules. Furthermore, some jurisdictions are more complex than others, and it is necessary to keep up with updates and new legislations regularly. The process typically encompasses legal entities, preparing and filing legal documents, and internal records vetting. Some businesses may also need local accreditation, trading, or regulatory body approvals, making it all the more complex and challenging.
If you've crossed the above two, global compliance becomes essential in running your business smoothly. Most jurisdictions have employee tax, social security deduction requirements, and immigration laws that govern employment. Some of the challenges that can become risky for businesses are inadequate knowledge of the operating jurisdiction, non-compliant maintenance of employee information, changing regulatory guidelines, and limited expertise to manage compliance. Non-compliance can lead to fines, imprisonment, reputational damage, and even revocation of licenses.
Additionally, they will also need to adhere to employment laws that govern employee rights with respect to agreements, termination, immigration, and work permits. All said compliant employment and payroll cannot be an afterthought. And there are no shortcuts or quick routes to employing compliantly.
We understand the challenges that businesses will need to go through to employ and manage talent worldwide. Since 2020, Multiplier has been on a mission to help enterprises onboard, employ and pay international talent compliantly. Our new-age global employment platform solves the challenges of compliance of hiring and paying the finest talent, no matter where they are, without having to worry about legal or financial complexities, resulting in a truly global workforce.
Our self-serve platform automates payroll, benefits, and compliance for the international workforce.
We have our legal entities worldwide, so businesses don't have to. With Multiplier, companies can hire and onboard talent in minutes
Once the employee is onboarded, the platform generates customizable, locally compliant, multilingual employment contracts, sets up payroll, and sorts out the paperwork. All the documentation is stored on the dashboard for easy reference at any time
When it comes to international teams, businesses need to deal with multiple currencies, banks, and country-specific allocations out of payroll. Multiplier can pay these teams in their respective local currencies effortlessly
Provide customizable, homogenous insurance of global standards at local pricing for the worldwide team
With so much capability built within a short span, this funding is a testament to our efforts and existing market opportunity. The funds raised will be used to fortify our platform with integrations and expand our presence to the rest of the global markets, expand payroll and benefits solutions for businesses to focus on hiring great talent from across the globe in the most compliant manner.
Exciting times ahead for Multiplier. We are grateful to all our customers, investors, and our ever-passionate team for helping us make Mission Multiplier possible!