India-based human resource tech platform Hono raised USD 5 million in Series A funding. On May 11, 2022, various individual investors participated in the financing. Aakash Chaudhry, the managing director of test prep firm Aakash+BYJU’s, led the round for Hono. Other individual co-investors include Hemant Sultania, Amit Khanna of Amaya Ventures, and Harsh Gupta of Udayat Group.
While Aakash Chaudhary invested USD 4 million in a personal capacity, the remaining USD 1 million was brought up by the other investors. With this deal, Chaudhary will also join the company’s Board of Directors and will be actively involved in guiding business operations.
Purpose of Funding for Hono
Hono is looking to use the proceeds from the recent investment to expand its operations across India, the Middle East, and Southeast Asia. The HR tech platform seeks to increase its market footprint and strengthen its product offering.
Moreover, It has a plan to scale up the business and sales vertical and double client numbers, aiming at supporting 5 million people on the HONO platform in the current FY23.
What the founder has to say
“Having Aakash Chaudhry and our new group of investors in the fold makes the HONO journey even more exciting. Their presence and this strategic investment not only establishes our investors’ faith in the business but also reinstates our belief and the belief of the market in the direction HONO is evolving. We have, for years, been advocating that the future readiness of HR or organizations lies in their use of data for better productivity and happier people. And for that to happen, they need to have a single-source-of-truth backed by truly smart systems. With this new impetus, we will be able to take this farther and do it globally, at scale,” said Mukul Jain, Founder & CEO of HONO.
What the investor has to say
“HONO’s emphasis on technology, mainly AI, to address, simplify and humanize end-to-end HR processes being a single source of truth and its ability to transform HR into a productivity driver is something we believe in. We expect HONO’s growth curve to show a much steeper rise hereon. Besides, we value the strong and constructive relationship with HONO, developed over years of association with them as a client. We believe in working with brands that are committed to revolutionizing the industry. And HONO’s vision, client centricity, and high-end solutions show that promise,” said Aakash Chaudhary.
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