Shebao Tech, a digital human resource management service provider, has announced a name change and the completion of a Series C round of funding.
Digitalization of human resources
YS Group, formerly Shebao Tech before the name change, has completed a CNY 270 million Series C round of funding. Enlight Growth Partner, 58 Industrial Fund, Peakview Capital, and Zhiming Capital all contributed to this round of funding. Additional investments were made by 36KR, Vision Plus Capital, Volcanics Venture, ZhenFund, Z Ventures Group, and Joint Capital.
YS Group was founded in 2015 to provide one-stop services in the entire human resources management process to businesses, employees, and public institutions. The company offers businesses a cost-effective human resource management solution that connects and integrates various modules such as recruiting, background checking, onboarding, social insurance, housing fund, remuneration, individual income tax, commercial insurance, and employee benefits. YS Group's products include an employee services platform and a cloud HR management system for government agencies as well as HRWORK.
In 2017, YS Group began its HR SaaS journey with digital transformation services of social security, and it actively expanded its business to remuneration, on/off-boarding commercial insurance, and employee benefits services. One year later, YS Group made its way into the off-line network services. In 2020, YS Group has launched its own HR platform, HRWORK.
The HR management services market is prospering, and as these services become more integrated, whole-processed, and modularized, inedibility has resulted in a homogeneous competition, which means the winner must be the one who is less expensive and has more financing availability.
Because YS Group is developing its network service both online and offline, it will incur a higher initial cost than its competitors. However, as it reaches economies of scale, its costs will fall and it will be able to provide quality services. In 2021, YS Group's revenue has exceeded a hundred million CNY, with the majority of that coming from To-Business SaaS services.