36氪 was informed that the intelligent salary and one-stop employee management platform “hotpay Mars Cloud” completed an angel round of financing of 48.2 million yuan, led by JUE Capital, and followed by Meicha Group and the founding team.
“hotpay Mars Cloud” believes that its benchmarking company is RIPPLING in the United States. It was established in 2016 and is currently valued at US$11.25 billion. It is mainly aimed at medium-sized and small and micro enterprises with a size of 2 to 2,000 people, providing HCM SaaS + PEO + IT services.
HRSaaS is not a new track, and different service providers also cut in from multiple angles, making this market crowded. Based on nearly seven years of employee service experience and unique industry knowledge, after two years of market research, the founding team of “hotpay Mars Cloud” decided to enter this track in early 2021, but their entry points are different.
The first is to focus on the “employment and settlement automation” scenario, including on-boarding management, file management, leave management, performance management, salary calculation, payroll and tax declaration, benefit management and other specific basic personnel links. Founder & CEO Xie Guanghua believes that from the perspective of business owners, the value or goal of the human resources department is roughly in three directions: one is to recruit people, find the right people, and solve the problem of lack of people; the other is compliance employment , Accurate settlement, do a good job in basic personnel work; the third is to improve human efficiency and employee retention, improve employee experience, and help employees develop. Among them, the second part is the rigid needs of each enterprise, especially in countries and regions with high compliance requirements. For small and micro enterprises, the first and third parts are often missing, but the second part is indispensable and infallible.
At present, the trend of the HR SaaS track is to integrate all scenarios, but “hotpay Mars Cloud” believes that a global systematic and just-needed sub-scenario such as “employment and settlement”, the current solutions in the market are still relatively shallow , especially in terms of flexible configuration, complex salary calculation, cross-departmental collaboration, compliance intelligence, process automation, etc., the existing software and services still have a lot of room for optimization. Large enterprises with sufficient budgets can also solve these problems through customized software or human input, but for small and medium-sized enterprises with limited budgets, it seems to be a big challenge to solve the problems at a low cost.
This also leads to the second difference of “hotpay Mars Cloud”, which focuses on serving medium-sized and small and micro enterprises. In the past ten years, most of China’s HRSaaS service providers started from large customers, because large customers have more ability and motivation to pay; after ten years of market education and iteration of business operators, small and medium-sized enterprises Importance is also better understood. Especially in recent years, with the continuous strengthening of labor compliance requirements in China, the needs of small, medium and micro enterprises to improve compliance control and employee service efficiency through digital employee management software have gradually matured.
The third difference is that “hotpay Mars Cloud” does not use the SaaS+PaaS model to meet customers’ standardized or customized needs, but adopts a zero-code platform solution. At the same time, a configurable intelligent engine based on rules, data, processes, algorithms, permissions, etc., allows users to configure, manage, view, calculate, and export the forms and data they want by dragging and dropping, and implement processes such as employee onboarding. , semi-automation of complex salary calculation, performance appraisal confirmation and other scenarios.
Based on this, “hotpay Mars Cloud” can not only effectively meet the personalized management needs of small, medium and micro enterprises, but also the use experience is closer to the Excel that HR uses daily. This will reduce the use threshold and implementation cost of enterprise users, which is conducive to the large-scale replication of the market for small, medium and micro enterprises in the future.
Photo courtesy of the enterprise
The fourth difference is that the customer’s problems are completely solved through the “SaaS + service” model, not just “tool assistance”. “hotpay Mars Cloud” believes that most of the existing domestic HRSaaS companies only provide software, and they can only help companies solve 20% to 30% of the problems as management aids. The remaining main processes and operations still have to rely on the company’s own manual labor Done (or outsource to a third-party HR firm).
In Xie Guanghua’s view, such software is just a tool. The “hotpay Mars Cloud” provides software + services, that is, while providing a set of software, it can also provide customers with services such as onboarding management, salary accounting, payroll and tax returns, and compliance processing.
At the same time, customers can choose or replace any third-party service provider, or take it back and operate it by themselves, just by changing the service account and permissions, but the data, processes, employee accounts, and clients in the original system do not need to be transferred or transferred. change for seamless switching.
Xie Guanghua told 36氪 that currently on the “hotpay Mars Cloud” platform, there are about 100,000 people serving the service every month, of which only 10% of them use the software, and the remaining 90% are using the software at the same time. I also purchased the services provided by “hotpay Mars Cloud” to complete tasks such as entry management, salary calculation, payroll and tax declaration, social security payment, and dispute resolution.
In Xie Guanghua’s view, 70% of the top ten human resource service companies with a market value of more than 10 billion US dollars are from this segment, such as ADP, Paychex, Paycom, Paylocity, Gusto, Rippling, Personio (and three more Yes: Recuit Group in Japan, Workday in the United States, and BOSS Direct Employment in China), all of which are currently based on the “software + service” business model. The underlying logic of the entire scene of employment and settlement runs entirely around the six basic elements of “rules, processes, data, algorithms, permissions, and connection delivery”, and these six aspects can actually be completely replaced by machines. Therefore, the long-term goal of “hotpay Mars Cloud” is to “achieve full automation of employment and settlement”, and the current “software + service” is only a phased model in the path of full automation.
In the past 18 months, “hotpay Mars Cloud” has served more than 500 enterprises, including large Internet companies such as Ele.me and Hema. “Hotpay Mars Cloud” charges according to the number of people serving, regardless of modules. Standardized SaaS costs 10 yuan/person/month, plus services such as salary calculation, payroll and tax filing, it costs 50 yuan/person/month. If the services of the whole scene are required for resignation, the price will increase accordingly. “hotpay Mars Cloud” currently has the ability to achieve break-even.
In addition, Xie Guanghua told 36氪 that “hotpay Mars Cloud” has established a globalization strategy since its establishment, because in the small, medium and micro enterprise market, globalization can maximize the marginal effect of software, and the European and American markets are also in this segment. most mature market. At present, “hotpay Mars Cloud” has established a company in Hong Kong, and plans to cooperate with local high-quality manpower companies in Singapore, Europe and the United States and other countries in the future.
Photo courtesy of the enterprise
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