Shanghai-headquartered software developer eRoad has raised RMB 200 million (USD 28.3 million) in its Series C3 round from investment bank and private equity investor China Renaissance, 36Kr reported on Monday.
eRoad, which was founded in 2004, provides a Software as a Service (SaaS) product called People+, helping human resources employees in large companies handle work involving payroll, social insurance, taxes, and benefits efficiently. The company also features another SaaS product called eSalary-eTax, a tool for small companies’ HR to calculate personal income tax for all employees.
The company has acquired more than 3,000 clients, including real estate developer Shimao, luxury giant LVMH, and jeans maker Levi’s, according to its website.
Wang Tianyang, CEO of eRoad told 36Kr that following this Series C3 round, the company will seek acquisition opportunities in the upstream and downstream HR SaaS sector as the COVID-19 pandemic has created difficulties for many firms that nevertheless have valuable products and services.
36Kr is KrASIA’s parent company.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.