HRtech Startup Rippling Secures USD 200 Mn in Series F Led by Coatue Management, Climbs to USD 13.5 Bn Valuation With 2,800 employees spread among offices in the US, India, Ireland, the UK, and Australia, the platform has grown internationally.
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The HR software startup Rippling has revealed that it has raised USD 200 million in Series F funding, led by Coatue Management, with participation from Peter Thiel's Founders Fund, Dragoneer Investment Group, Greenoaks Capital, and other existing investors.
With the additional funding, Rippling is now valued at USD 13.5 billion.
According to a statement from the company, the startup has signed agreements with investors to provide liquidity to both present and past workers and seed investors through a tender offer.
The San Francisco- and Bengaluru-based startup has launched a USD 590 million total tender, wherein seed investors can sell up to USD 390 million, and current and former workers can sell up to USD 200 million jointly. As per the Indian Startup ESOP report, this is among the biggest tender bids made in India to date.
Launched in 2016 by Parker Conrad Prasanna Sankar, Rippling provides companies with a single platform to handle processes related to finance, IT, and HR. The HRtech firm helps businesses automate and streamline all of their employee processes, including payroll, benefits, costs, and device management, into a single system.
It competes with big firms like Workday and Automatic Data Processing as well as startups like Justworks and Deel, focusing on businesses with fewer than 2,000 employees.
With 2,800 employees spread among offices in the US, India, Ireland, the UK, and Australia, the platform has grown internationally. In India, Rippling conducts both sales and operations, with a particular emphasis on R&D. Additionally, the business is aggressively expanding its presence and hiring efforts in the area.
Worldwide investors, such as Kleiner Perkins, Founders Fund, Sequoia Capital, Greenoaks, and Bedrock Capital, have contributed USD 1.2 billion to Rippling's investment round. At present, the platform caters to customers in over 150 nations.
