India is undoubtedly the number one back office for the world’s largest tech companies. It holds a significant chunk of the global technology talent pool. However, many startups and enterprises in the West looking to leverage human resources in India by setting up a subsidiary here hesitate to do so because of complicated regulations and red tape.
Addressing this market gap, Navin Rungta founded rapid.one. Rapid provides employer of record (EoR) services, simplifying hiring, payroll, legal, and compliance for global businesses who want to set up shop in India and leverage the country’s best tech talents.
Rapid’s business model is to hire Indian talent on behalf of global companies and circumvent compliance hurdles while giving the hired employees the same experience they would get if they were employed directly by the respective companies. Rapid’s EoR model serves as an alternative to traditional tech outsourcing models.
Just six months since launch, Rapid is already at 100K ARR, and they plan to achieve one million in ARR by December 2024. To learn more about Rapid’s rapid rise and how it leverages technology to augment its unique business model, we spoke to Navin. He shared his entrepreneurial journey with ProdWrks and shed insights into the creation of his innovative tech platform that provides EoR as a service.
Recognizing the Need for EoR as a Service
Naveen started his career as an engineer of software products at Broadcom and Nortel. He says that his early exposure to US-based product companies was instrumental in his entrepreneurial journey, founding three startups – LawGro, eLagaan, and Rapid.
His previous venture, founded in 2009, eLagaan, assisted global businesses in incorporating in India, maintaining accounts, raising funds, and solving HR requirements and compliances. His diverse clientele included YourStory, Urban Ladder, HealthifyMe, MoEngage, and several global startups. While helping international companies, Navin identified a pain point he now solves with Rapid.
How does Rapid work?
Outsourcing vs EoR
Navin also highlighted three key ingredients in his successful productization strategy – the employer journey, the employee journey, and the legal or compliance part, which is incorporated into both aspects.
The employer’s journey is dissected into various business workflows. The platform has a clean UX, designed from scratch, simplifying everything the employer expects, from equipment purchases and office space rental workflows to HR processes.
Building Localized Moats Against Global Competitors
During our conversation, Navin also said they strategically examined a prominent global competitor, which grew into a 12-billion-dollar company in just four years. Based on market research and competitor analysis, Navin incorporated the best practices from international EoR players into Rapid but tailored them to India.
GenAI and Rapid’s Plan for the Future
The product roadmap reflects a commitment to continual improvement, emphasizing a user-friendly approach tailored for businesses with teams ranging from one to a hundred individuals. This strategic approach reflects RapidOne’s dedication to simplicity and efficiency in addressing the unique needs of its clientele.
As RapidOne forges ahead, disrupting traditional tech outsourcing models with its innovative EoR platform, Navin Rungta envisions a future where global businesses seamlessly tap into India’s tech talent pool without the burdensome wait and regulatory hurdles.
As the founder and CEO reflects on the journey so far, he is resolute in his commitment to transforming the global employment landscape. “Our success is not just measured in revenue but in the empowerment of businesses to swiftly and effectively access top-tier talent in India,” Navin shares.