InCred Capital, a fintech startup based out of Mumbai, has picked a 20% stake in payroll and HR SaaS startup TeamNest, the company said on Thursday.

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The investment by InCred (wealth and asset management arm of InCred Group) is a part of the Series A round of funding in TeamNest. However, the deal amount remained undisclosed.

The latest development comes soon after InCred acquired investment firm Orowealth in January this year. Simultaneously, the company announced to launch InCred Money to enter the retail wealth-tech industry.

InCred Money will have access to the whole range of product possibilities, according to the InCred Group. By utilising technology to successfully connect a large network of Independent Financial Advisers (IFA) across the country, InCred Money will also create a B2B2C offering, enabling them to access the industry's best products and solutions for the advantage of its end users.

Orowealth provides low-cost wealth management services to retail customers and financial intermediaries. These customers include banks, brokers, and wealth managers. The company was started in 2016 by Vijay Kuppa, Nitin Agrawal and Yogesh Powar.

TeamNest will use the latest funding from InCred Capital for its expansion plans. Moreover, the company will be able to take advantage of InCred Capital's enormous network in the Indian market after this latest funding round. It will be able to use the tools it needs to effectively compete in the HR IT industry.

"This investment will allow us to accelerate outreach across the country, expand our reach, and become the hire-to-retire partner for our customers," said TeamNest's co-founder, chief marketing officer and director Prashant Shah.

The multilingual platform TeamNest helps companies in running their payroll and human resources departments more effectively. With over 10% month-over-month growth for the previous 15 months, the platform has gained popularity in the payroll and HR industry.

Meanwhile, Mintifi, a Mumbai-headquartered fintech company, announced that it has received $110 million in funding in its Series D round led by PremjiInvest.