Chinese human resource technology firm eRoad on Tuesday announced the completion of its Series D funding round of 1 billion yuan ($139.9 million), as it plans to upgrade Platform-as-a-Service (PaaS) products to better serve large- and medium-sized enterprises globally.
Shanghai-headquartered eRoad did not name the investors of the new round, but it said in a statement that the deal was led by one strategic investor and one financial investor with the participation of multiple existing shareholders. Index Capital served as the exclusive financial advisor.
eRoad, which delivers HR tech products to over 300 enterprises across 20-plus countries, will use the net proceeds to iterate its “eRoad People+,” an HR management cloud platform with a focus on payroll solutions. The move represents its efforts in building out an HRtech ecosystem powered by “systems-plus-services” PaaS products, it said in the statement.
Founded in 2004, eRoad has over 700 employees across its headquarters and branch offices in Beijing, Chengdu, Guangzhou, Shenzhen, and Hong Kong.
It primarily serves large- and medium-sized corporates including Jin Jiang Hotel, a Chinese state-owned hospitality group that runs approximately 5,500 hotels in the country, and consumer electronics and home appliance manufacturer TCL Technology.
As its largest funding round to date, the Series D comes more than two years after eRoad raised over 200 million yuan ($28 million) in an extended Series C round from Huaxing Growth Capital, the private equity arm of China Renaissance.
In total, the firm had collected over 600 million yuan ($84 million) in its Series C round in 18 months and roped in investors such as Hillhouse Capital Group’s venture capital (VC) arm GL Ventures, Eastern Bell Capital, and SIG Asia Investments.
Hillhouse also backed eRoad’s Series B round in 2018. The investment size of the deal was not disclosed.