Employment management and remote work platform Multiplier reported on Wednesday to have raised over $60 million (around Rs 456 crore) in a round co-led by Tiger Global and Sequoia Capital India, with DST Global Partners’ participation. Boasting a track record of fast-paced growth, the move comes within months of raising their Series A funding of over $13.2 million from Sequoia Capital India.
Founded in 2020 by Sagar Khatri, Amritpal Singh and Vamsi Krishna, Multiplier helps companies tap global talent pools. The startup provides companies with easy and risk-free ways to hire and pay remote workers and ensures they comply with local laws.
Their intuitive platform helps companies to onboard, pay and manage remote workers. Employers on the platform can create multilingual employment contracts and even offer employee stock ownership, all through one platform. They also help businesses run payroll and benefits in countries where they remain separate entities.
“Companies have recently realized that going global is the only way forward,” said Sagar Khatri, CEO of Multiplier in a recent statement. “Country borders shouldn’t hinder the search for the right people for the right roles. We are resetting the mantra that hiring people from abroad is costly, time-consuming, and daunting,” he added.
Users can manage global payroll, provide benefits, insurance and tackle compliance with ease starting at $300 per employee per month and $40 per freelancer per month. Additionally, Multiplier helps companies be fast and agile in meeting their talent demands by eliminating the need for organizations to establish their legal entities to access talent in any country. The company works with customers from across the globe today, with its roots in the Asia Pacific region.
With companies like Amazon, ServiceNow and Graphisoft already using the platform to overcome geographical boundaries when searching for talent. The funding is poised to boost the reach of its services as it expands globally. A recent company blog on the matter added that the funding will help Multiplier “ invest heavily in product development, international expansion, and garnering meaningful partnerships. As we prepare for Multiplier's most significant growth phase, we are looking to add passionate, stellar, and motivated professionals at different levels across the organization.”
The company also aims to roll out the crypto-payroll features so businesses can pay their freelancers with cryptocurrencies.