Gurugram, April 15, 2025: Today, PeopleStrong, a leading human capital management (“HCM”) SaaS provider headquartered in Gurugram, announced that the Private Equity business within Goldman Sachs Alternatives has acquired a majority stake in the company. This acquisition marks a pivotal milestone for PeopleStrong, highlighting its significant role in India’s HR technology landscape and accelerating its next phase of growth, particularly in AI-led product innovation.
PeopleStrong is uniquely positioned at the intersection of three transformative shifts: the digitization of enterprise HR, the adoption of AI, and the rise of SaaS innovation from India. The company offers a comprehensive, AI-powered HCM platform with robust capabilities across applicant tracking systems (ATS), payroll, employee experience and talent management. It serves leading organizations across key industry verticals, including Banking, Financial Services and Insurance (BSFI), Retail, Aviation, Healthcare and Manufacturing. With multi-country payroll capabilities and over 1.5 million paychecks processed monthly, PeopleStrong is recognized as one of India’s largest and most trusted cloud payroll providers.
PeopleStrong’s clientele includes many of South Asia’s most respected enterprises, including Aditya Birla Group, L&T, Cholamandalam, TATA, Mahindra, Kotak Mahindra Bank, HDFC Ergo, Paytm, RBL Bank, HDFC Life, OLA, Air India, Cipla, Schneider, Amara Raja, Indigo, and V-Mart.
Currently, the company serves over two million individual users and aims to significantly expand its scale and geographic footprint, targeting 10 million users globally over the next five years.
“We have remained focused on balanced, sustainable growth and are proud to stand out today as one of the few EBITDA-positive SaaS companies with a leading market position, We are excited to join forces with Goldman Sachs. With their global expertise in SaaS and AI, we look forward to driving the next phase of our growth together through continued innovation and operational excellence.”
Sandeep Chaudhary
CEO
PeopleStrong
Rajat Sood, a Managing Director in Growth and Corporate Equity Investing at Goldman Sachs, said, “PeopleStrong stands at the intersection of talent and technology—delivering real, measurable value to its customers at scale through its technology-led human capital management solutions. We look forward to supporting this management team and the company’s next stage of growth by leveraging the global resources and network of Goldman Sachs.”
Goldman Sachs is an active investor in India, deploying more than $8.5 billion in alternative capital since 2006.
“When we started, HR SaaS wasn’t even a recognized category in India—there was a clear gap in the market. We chose the long road, building our technology while educating the ecosystem along the way. Today, the company stands out for its strong customer base, product strength, and disciplined execution. I’m deeply grateful to the clients who trusted us with the opportunity to grow and deliver. I also want to honour my late co-founder, Shelly Singh, and the incredible team of leaders who came together to help shape and build this category from the ground up.”
Pankaj Bansal
Founder
PeopleStrong
Manish Gaur, Managing Director and Head of Enterprise Tech at Multiples Private Equity, said, “We are incredibly proud to have built a robust, scalable and fast-growing SaaS business in partnership with a highly-capable and resilient management team. We are confident that they will continue to take the business to greater heights.”
PeopleStrong is one of the highest-rated HR mobile apps globally, with a 4.8 out of 5 rating across iOS and Android platforms. It has consistently been featured in Gartner’s ‘Voice of the Customer’ report and has been voted the Customers’ Choice for Cloud HCM Suites for enterprises with over 1,000 employees from 2022 to 2024.
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