Investment bank Goldman Sachs has acquired a controlling share in PeopleStrong, a leading Human Capital Management (HCM) provider. The deal was made through Goldman Sachs Alternatives, the private equity arm of Goldman Sachs, for $130 million (about ₹1,200 crore).
Based in Gurugram, Haryana, PeopleStrong is a well-known Software-as-a-Service (SaaS) provider within the HCM sphere. Through its AI-powered HCM suite, it offers options for talent acquisition, payroll management, employee experience, and performance management. The company serves clients across industries like BFSI, retail, aviation, healthcare, and manufacturing. Some of its most notable customers include Aditya Birla Group, Tata, Mahindra, Kotak Mahindra Bank, Paytm, Larsen & Toubro, and Air India.
“We have remained focused on balanced, sustainable growth and are proud to stand out today as one of the few EBITDA-positive SaaS companies with a leading market position. We are excited to join forces with Goldman Sachs. With their global expertise in SaaS and AI, we look forward to driving the next phase of our growth together through continued innovation and operational excellence,” shared Sandeep Chaudhary, CEO of PeopleStrong.
Pankaj Bansal, Founder of PeopleStrong, added, “When we started, HR SaaS wasn’t even a recognised category in India—there was a clear gap in the market. We chose the long road, building our technology while educating the ecosystem along the way. Today, the company stands out for its strong customer base, product strength, and disciplined execution. I’m deeply grateful to the clients who trusted us with the opportunity to grow and deliver. I also want to honour my late co-founder, Shelly Singh, and the incredible team of leaders who came together to help shape and build this category from the ground up.”
On the other side of the table, representatives from Goldman Sachs have also expressed their happiness with the deal. “PeopleStrong operates at the intersection of talent and technology, delivering measurable outcomes for clients through its tech-first approach to human capital management,” said Rajat Sood, Managing Director at Goldman Sachs. “We look forward to supporting the company’s next chapter of growth by leveraging our global platform and network.”
Chaudhary also took to LinkedIn to express his personal thoughts on the transaction. “We confirmed Goldman Sachs Alternatives acquiring a majority stake in PeopleStrong. As the first 100% buyout in the HRTech space, this acquisition is pivotal for us and our industry,” he explained. The CEO went on to welcome Sood and Sulabh Arya, Executive Director of Private and Growth Equity at Goldman Sachs, as new members of the PeopleStrong team.
The acquisition of PeopleStrong by Goldman Sachs is sure to help the SaaS company expand its reach in the global market and enhance its technological portfolio. Given Goldman Sachs’ expertise in SaaS and AI, PeopleStrong is looking forward to its growth through “continued innovationation and operational excellence.”