SUMMARY
Acing startup recruiting with a new approach to matchmaking
Bangalore-based job search platform, Jobspire, has raised $262K seed round of funding led by Purvi Capital.
Besides, Willfly Ventures, Nikunj Jain of Frankly.me, Krishna Jha of Telnet Ventures, Sanjay Bakshi of Impulse Marketing and Kapil Nayyar of International Business Advisors also participated in the round.
With the newly raised funds, startup plans to scale its team, focus on building new concept and build their referral-only premium recruiting tool.
According to Sandesh Kini, co-founder and COO at Jobspire, the rate at which the company is growing will lead it to raise its nest funding by next year.
The company is backed by solid tech and sales background, Varun Mayya, Kartik Luke, Sandesh Kini and Mohak Dhingra, started Jobspire with a motive to provide inside scoop on companies to build & engage their talent using visual stories.
This allowed professionals to do “window shop for jobs” with pictures of startup offices, the people that work there etc.
Varun Mayya, CEO of Jobspire said, there has been a paradigm shift in industries like real estate and food tech, but hiring continues to be neglected. He added, “We saw a lot of established startups and companies in the hiring space follow the same pattern of dishing out new matching algorithms, but their spent on acquisition was still extremely high as their products were never exciting. We have tried to infuse excitement and virality into boring industry like recruitment. It’s an extremely challenging industry and Jobspire brings a completely new perspective to an opportunity that shapes what a person does every single day for years.”
Jobspire has evolved into a sophisticated platform providing end-to-end recruiting solutions that include sourcing, matching, decision making and tracking for Indian startups.
Market Size
Employment has always been a matter of concern for the 1 Bn population in India.
Human resource experts believe that job market in 2015 is going to be in a strong hiring mode and companies are preparing themselves for aggressive recruitments across the board.
With players like Aasaanjobs, IIMjobs, Coursera, Tinder and Babajobs in various segment has boomed the job market, with India Inc planning to create close to 10 lakh new jobs in 2015.
Prime Minister, Narendra Modi also launched a comprehensive job portal, National Career Service recently, which focuses on connecting all existing employment centers at one point.
Jobspire differentiates itself from the other players of the market by providing its special feature “manual and algorithmic curation”.
Jobspire identified the ineffectiveness of CV and analyzed top 22 job roles in India. Basis which they developed a “fast five minute subjective challenge” for every job role on the platform to give recruiters a mental snapshot of every candidate.
Jobspire also introduced an audio verification system that helps candidates bypass their first round of interviews online.
This solved the problem of DNA matchmaking a candidate to the company, ascertaining top candidates getting offers from premium companies rather than the random ones. Despite being in stealth mode, Jobspire has been working with 91 startups producing 18 interviews in a week and has nearly 30 to 50 signups daily on the platform.
Ravi Srivastava, lead investor at Purvi Capital said, “It’s an extremely nimble founding team that understands how millennial filter career opportunities. Jobspire is a fresh approach to how companies brand, connect and recruit in an increasingly competitive talent market. The company is though built in India but has global standards from day one.”
Jobspire has companies like Xeno, Peppertap, SquadRun, AdPushup, BuyT and other which source talent through its platform. There are few others who use company’s curation services and there are others who replace their careers page with Jobspire job page.
Utilizing the Jobspire’s founding team talent to assist companies hire Generation Y talent, the company is experimenting with pay-per-hire, which they say is a challenging model to scale.
According to Nikunj Jain, another investor in the company, “The founders clearly know where they are headed for the next three years. That’s what I like about them the most.”
