Recruitment and employment management startup Multiplier raised $ 60 million in the Series B funding round led by Tiger Global and Sequoia Capital India. DST Global Partners also participated in the funding rounding bringing the company value to $ 400 million.
It came just three months after the Multiplier part of Sequoia Surge’s fifth team won a $ 13.2 million series A round. To date, the remote work platform has raised $ 77.2 million.
According to Korn Ferry, demand for skilled workers will exceed supply by 2030, resulting in a global talent shortage of 85.2million people. If no solutions are in place, the financial impact of this deficit could read $ 8.452 trillion in unrealized annual revenue at the same time.
Multiplier tries to solve the problem of global employment by simplifying the processing of international hiring and employee payroll and benefits. It gives companies access to candidates across borders and assistance with managing local compliance issues, labor contracts, payroll systems, employee benefits, and taxes.
“We believe workforce globalization is one of the most exciting trends in the next decade and we are excited to see Multiplier facilitate that change seamlessly for hundreds of companies and thousands of employees,” he said. Rohit Agarwal, Principal, Sequoia India.
The Singapore-based startup will use the new capital to further expand its global infrastructure, acquisitions and partnerships and add new capabilities to its platform.
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For example, businesses can now self-register on the platform and instantly send their candidates offering contracts in minutes and offering employee stock ownership plans. Multiplier is currently working on a crypto-payroll features that will allow employers to pay freelancers using cryptocurrencies, it said in a statement. Additionally, the company is also looking to take talent into its categories.
“The talent shortage is real and the restrictions due to the pandemic have accelerated it. Businesses are having a hard time hiring people with in-demand skills and opening themselves up to the possibility of distributed teams. Meanwhile, those candidates have become selective about their employers, actual employment, compensation, benefits, flexibility etc. With this paradigm change, companies have recently realized that going the world is the only way forward. Country borders should not hinder the search for the right people for the right roles.We reset the mantra that hiring people from abroad is an expensive, time-consuming, and organizationally daunting task. . ” said Sagar Khatri, CEO of Multiplier.
Another area of the company’s focus is the provision of health insurance coverage in most standard benefit packages. Multiplier said it provides locally competitive, customizable and homogeneous insurance to its customers starting at less than $ 20 per employee per month that includes a detailed factsheet to compare plans.
The company currently operates throughout APAC, including India, the Philippines, Vietnam, Thailand, Indonesia, and Sri Lanka. Some of its clients include Amazon, ServiceNow and Graphisoft.
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