Goldman Sachs Bets Big on HR Tech: Acquires Majority Stake in PeopleStrong for $130 Million

In a powerful move reshaping the HR tech landscape, Goldman Sachs has secured a controlling stake in PeopleStrong, the fast-growing HR SaaS player headquartered in Gurugram. The deal, valued at approximately $130 million (₹1,200 crore), marks one of the largest investments in India’s enterprise tech sector this year.

With this acquisition, Goldman Sachs has bought out the 84% share previously owned by Multiples Private Equity, alongside acquiring part of the employee stockholding. This bold step positions Goldman Sachs at the forefront of the booming HR software-as-a-service market across Asia.

Founded in 2005 by visionary entrepreneur Pankaj Bansal, PeopleStrong has evolved into a major force, serving over 500 enterprise clients across India, Southeast Asia, the Middle East, and Australia. In a remarkable financial turnaround, the company swung to a net profit of ₹57 crore in FY24, recovering strongly from a ₹84 crore loss the previous year.

Sandeep Chaudhary, CEO of PeopleStrong, hailed the partnership, noting,
“Teaming up with Goldman Sachs gives us rocket fuel. Their deep expertise in SaaS, AI, and scaling global enterprises will turbocharge our mission to reimagine the future of work.”

This acquisition underlines a growing trend: global investors are eyeing India’s enterprise tech and HR innovation space like never before. PeopleStrong’s emphasis on integrating AI into workforce management and employee experience platforms is seen as a key driver for future growth.

For Goldman Sachs, this isn’t just another portfolio addition—it’s a strategic bet on the future of work, a sector where agility, technology, and talent convergence are creating new market leaders.

By Vijay Amin.