Kelly Services announces VC fund for HR tech startups

Kelly Services India a global staffing and recruitment firm, unveiled a corporate venture capital (CVC) fund for the Indian HR market.

The Temp Innovation Fund named after its JV holding company will be focused on funding and acquiring disruptive HR start-ups in the recruitment and staffing sector. Kelly is launching the fund in India in association with its joint venture partner for Asia Pacific, Temp Holdings. The joint venture entity, TS Kelly Asia Pacific, is headquartered in Singapore and is the largest workforce solutions company in the Asia Pacific region. Temp Holdings owns 51 per cent of the expanded joint venture while Kelly Services owns the remaining 49 per cent. The fund was launched early this year by Temp Holdings in Japan and is now accessible to all global markets.

“Globally the staffing industry is a USD 400 billion industry out of which USD 180 billion is contributed by the US domestic market alone. The Indian HR market is about USD 10 billion plus including all technology platforms and growing rapidly. We are looking out for start-ups harnessing complex algorithms, predictive analytics, patented platforms and other digital technologies that can enhance the Human Resources productivity,” said Kamal Karanth, Managing Director, Kelly Services India.

The CVC will act like an angel and handhold the investee companies. With its launch in India, Kelly has begun the search for the right fit start-ups across the country. “We are bullish about India and are open to invest,” added Kamal. Kelly Services India was established in 2001 and today is one of the leading staffing and recruitment firms in India. It has grown at a fast clip fuelled by organic growth. The acquisition of technologies, talent and client roster through the investment fund would bolster the next stage of growth for Kelly in India.