PE firm ChrysCapital acquires a 75% stake in ProHance Analytics

ChrysCapital, a private equity firm, has decided to enter the growing SaaS, which is a software-as-a-service ecosystem. They are acquiring around a 75% stake in the B2B SaaS platform, which is ProHance Analytics.

The company was founded in 2009. The main men behind it were Kishore Reddy and Rajesh Sharma. This Bengaluru-based company, ProHance, offers workplace analytics, including operations management insights, to various enterprises and SMBs so that they can make informed decisions.

According to the vice president of ChrysCapital Advisors, ‘We see great potential in ‘India for global SaaS’ as per the large developer talent pool. Plus, there is high adoption of cloud computing in various global enterprises. ChrysCapital is happy to partner with innovative companies for the inaugural investment in the sector of SaaS.’

The future of the Indian SaaS industry 

The Indian SaaS industry will reach its revenue target of $26 billion by 2026, as per the reports offered by venture capital fund Chiratae Ventures, including strategy consulting firms like Zinnov.

SaaS platforms such as ProHance play an essential role when it comes to hybrid workplaces, seamless connections, and boosting teams to collaborate regardless of any physical location, according to Sanjay Jalona, who is an operating partner at ChrysCapital Advisors.

Making the most of the modular SaaS approach, ProHance is aiming to enable enterprises to gauge time and even effort contributions. They claim to have 3.2 million users in more than 170 enterprises in around 24 countries.

As per the acquisition, the founders and senior leadership at ProHance are still going to be business partners.

According to the CEO of ProHance, Ankit Dhingra, ‘We are happy to partner with ChrysCapital. It is going to accelerate the global expansion efforts.’ ChrysCapital’s acquisition position for the expansion involves important markets like the Philippines, South America, etc.

DC Advisory was the financial advisor when it came to ProHance and shareholders. Cyril Amarchand Mangaldas, along with Cooley, was the legal counsel for ChrysCapital. Whereas, EY was the tax advisor and handled accounting. BLC was the legal council, and Aeka Advisors was advising ProHance.

About ChrysCapital 

ChrysCapital was founded in 1999. It manages $5 billion in around nine funds. The previous year, they were able to raise around $1.4 billion in the ninth fund and complete all the investments. Also, the acquisitions were completed by IDFC AMC along with Bandhan Bank, GIC, and Xoriant.

This firm has been able to back companies like HCL Technologies, LiquidHub, Cyient, KPIT, Infogain, etc.

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