Multiplier offers global solution to expedite hiring ahead of the imminent talent crunch
Legal, accessibility, and payroll issues are some of the obstacles that the startup addresses.
A global talent crunch is underway—and if left unaddressed, this could affect over 85.2 million people and could result in the loss of $11.6t (US$8.4t) in economic opportunities, according to a study by Korn Ferry titled Future of Work: The Global Talent Crunch.
Even though businesses wanted to address this forthcoming crisis early on by accessing talent in a foreign jurisdiction, multiple obstacles present themselves. For one, establishing local legal entities and bank accounts is expensive, costing approximately $51,000 in the initial setup. The processes of managing labour regulation and contracts, legal affairs, and risk management, may also take up to nine weeks, a global business setup expert, Aidan Healy, said. This is where Multiplier comes in.
“Multiplier is a self-serve global employment platform that lets businesses expand and employ international talent compliantly without having to set-up an entity,” according to Co-founders Sagar Khatri, Amritpal Singh, and Vamsi Krishna.
It is the first platform to run international management of compliance and a multi-country payroll in a single dashboard. It has an instant onboarding system that allows businesses to hire international talents in a matter of minutes; and an automated compliance payroll and payments solution that enables businesses to pay their talent working anywhere in the world, compliantly.
Adding to the company’s coverage is a global presence in over 150 countries across APAC, Europe, and the US. An on-site team of legal and tax experts is also available to help draft multilingual contracts and international payrolls.
This, according to the co-founders, helps businesses focus on their core goals, whilst the role of international employment falls on to Multiplier.
To add to that, affordable pricing is available to those willing to use the platform, with no additional costs for its offerings. “Multiplier is here for the long haul, and we believe the effortless experience is most important where profit automatically becomes a by-product of our work.”
Expansion in progress
The global platform recently raised $13.2m in Series A funding this November, with Sequoia Capital India serving as the lead investor. According to them, this round of funding serves as a testament to the rapid growth and market opportunity. Its existing investors include DeepInder Goyal, Co-founder, Zomato and Amrish Rau, CEO, Pine Labs.
These funds will be used to strengthen the full-stack platform, as well as aid the expansion to other markets. Payroll and benefits solutions for business will also be improved, Khatri explained.
The co-founders also see this period as a time to expand their reach. Aside from the previously mentioned global presence, the company also sees the opening of entities across the rest of the world, as well as the development and hiring of talent to increase their employee strength.
They also mentioned seamless integration for businesses to use the platform for their global human resource needs.
“Our mission is to break down barriers of international employment. We want to be the leader in the industry and the ultimate brand of choice within the landscape,” said Khatri when asked about how the group plans to stay ahead of the competition.