HireSure.ai Bags Funding From Y Combinator To Help Companies Eliminate Pay Disparities

SUMMARY

HireSure.ai raised $2.5 Mn in a seed funding round led by Y Combinator and Binny Bansal’s Three State Capital

The funding round also saw participation from San Francisco-based Tribe Capital and Pioneer fund

The HRtech startup said it would utilise the funding to strengthen its community, build new products, and scale up its engineering and product teams

HRtech startup HireSure.ai raised a funding of $2.5 Mn in a seed round led by Y Combinator and Binny Bansal’s Three State Capital. The funding round also saw participation from San Francisco-based Tribe Capital and Pioneer fund.

In a statement, the startup said it would utilise the funding to strengthen its community, build new products, and primarily scale up the engineering and product teams.

Founded in 2019 by three graduates from IIT Kanpur – Anurag Dixit, Anshul Mishra, and Ramesh Konatham, HireSure.ai uses real-time compensation benchmarking data to help companies make more efficient compensation decisions and eliminate pay disparities.

The startup aims to transform the way pay processes are managed in companies, to drive a higher fairness quotient among employees.

“We believe that this problem of pay disparities can be solved only when companies come together to democratise access to real-time compensation benchmarks. This is the reason why ‘Total Rewards’ leaders of funded startups are coming together to form an invite-only community with us,” said its cofounder Dixit.

The startup currently claims to have partnerships with over 200 funded startups in India, including Meesho, Slice, Dream11, Apna, Porter, Dunzo, Khatabook, and Rapido. It aims to partner with about 800 startups by the end of 2023 and then expand its offering to Southeast Asia and the Middle East.

The startup featured in Y Combinator’s Summer 2022 cohort, along with 18 other Indian startups. In the Winter 2022 cohort, Y Combinator selected 30 Indian startups, double the number of startups it selected in the Summer 2022 cohort.

The HRtech market in India was pegged at $23.32 Bn in 2021 and is expected to reach $38.36 Bn by 2030, growing at a CAGR rate of 5.7% in this period, according to a report by Verified Market Research.

Last month, HRtech unicorn Darwinbox secured $5 Mn in an extended Series D funding round from State Bank of India (SBI). Last year, many Indian HRtech startups such as inFeedo and Keka also raised funding.