NAGPUR: Chennai Headquarters Neeyamoa global technology-driven company pay and EOR solution provider, has launched what it considers the world’s first all-female payroll software development center at Mihan-SEZ here.
The unit here will primarily serve Fortune 500 companies. The 150-person team, comprised mostly of entry-level employees, will work on payroll software development and other related assignments.
Neeyamo CEO Rangarajan Seshadri told TOI that there are plans to increase the number to 300 in the next 10 to 12 months. In the longer term, there are plans to take land in the Mihan SEZ and develop a campus, he said.
At present, the Neeyamo Center is located in the premises of Shapoorji Pallonji Computer Park on a lease basis.
Neeyamo also undergoes a due diligence process for private equity investments. Currently, the issue is between promoters and employees. Employees hold nearly 10% and the rest is held by five promoters.
It is expected to raise around $100 million, which could also rise to $200 million if a 20% stake is dropped. It is expected to offload 10% to 20% of the stake to secure the funds depending on the proposal, Seshadri said.
A company with a total of 3,000 workers, the Nagpur center is its fourth unit in the country. The other centers are in Chennai, Pune and Madurai, except for two global units in the Philippines and Mexico. The company also plans to start two units in Egypt and Poland, Seshadri said.
Seshadri says Neeyamo’s claim to be the only all-female product development center is based on her own industry research. “Even otherwise, the company is a very female organization with 52% female staff,” he said.
“We wanted to set an example by creating a 100% female center. Nagpur was chosen because I was previously involved in setting up the Hexaware Technologies unit in mihan himself,” Neeyamo chairman Ashok Bildikar said.
Additionally, the company believes women are more suited to HR-related jobs, including software development, he said.
Seshadri said the company specializes in the development of payroll software which it developed in 2012. “It’s primarily aimed at large enterprises, which is why most of the clientele are Fortunes. 500,” he said.
The company is now looking for labor in Tier II cities where it sees the best talent for its type of operations. Moreover, future expansion would only affect smaller towns, Seshadri said.