Multiplier raises $60 million

Multiplier, a startup that enables companies to hire and pay remote workers while complying with local laws, has raised $60 million in Series B funding. The round  was co-led by Tiger Global and Sequoia Capital India. DST Global Partners also participated in the funding round which brings the company’s valuation of $400 million.

Founded in 2020, the Singapore based startup offers a solution that takes care of global teams’ payroll, taxes, and local insurance policies. Multiplier currently operates across APAC, including India, the Philippines, Vietnam, Thailand, Indonesia, and Sri Lanka. Some of its clients include Amazon, ServiceNow and Graphisoft.

“The talent shortage is real and the restrictions due to the pandemic accelerated it. Businesses are finding it hard to hire people with in-demand skills and have opened themselves to the possibility of distributed teams. Meanwhile, candidates have gotten picky about their employers, the actual work, compensation, benefits, flexibility and much more. With this paradigm shift afoot, companies have recently realized that going global is the only way forward. Country borders shouldn’t hinder the search for the right people for the right roles. We are resetting the mantra that hiring people from abroad is a costly, time-consuming, and organizationally daunting effort.” – Sagar Khatri, CEO of Multiplier.

“We believe globalization of the workforce is one of the most exciting trends of the next decade and are thrilled to see Multiplier facilitate that shift seamlessly for hundreds of companies and thousands of employees.” – Rohit Agarwal, principal, Sequoia India.