HRtech startup Talent Litmus, on October 24, has announced an undisclosed funding round from Inflection Point Ventures (IPV) and Haptik cofounder Aakrit Vaish Let’s Venture.
Founded in 2016 by Satpreet Arora and Kiran Wadwa, Talent Litmus is an HRtech startup that follows a data-driven approach to assess job applicants. For this, the company has created a gamified screening tool which integrates elements of psychology, data science and gaming to allow organisations to engage with existing and prospective employees.
Talent Litmus’ 45-minute interactive role-playing mobile game, Nautics, collects a “detailed map” of the candidate’s personality, attitude and cognitive abilities, allowing companies to judge a client’s behavioural skills based on the choices they make in the game. This can be used for job screening or assessments.
“We are excited to bring together the diverse fields of game design, psychology and data analytics to re-imagine talent management. This triad ensures the scope of innovation is limitless,” Arora said in a press release.
The company provides its services to small and medium enterprises (SME), government bodies, big corporations and educational institutions. Some of the big names include Bengaluru-based ecommerce Urban Ladder and multinational marketing agency L&K Saatchi & Saatchi, among others.
With this funding, Talent Litmus want to add over 200 companies to its clientele in Europe and India. Moreover, it will invest in research and development (R&D) to improve its assessment platform.
Gamification Of HRtech A New Trend?
Gamification in job screening and assessment is increasingly becoming popular in the Indian market as HRtech comes of age. The trend has gained attention from some big corporations such as Oracle, Deloitte, PWC that have introduced gamification in certain countries and segments of their businesses.
In the HRtech space, Talent Litmus competes with the likes of Quodeck, Hush, SalaryFits and Vyre. According to DataLabs by Inc42, the HRtech sector garnered $504.8 Mn funding in 2018, registering a 207% rise from $164.2 Mn funding in 2014.
Gamification for job assessment is not just a fad. According to PwC CEO Survey 2018 report, over 91% of business leaders believe that behavioural skills are as important as technical skills. Within HRtech, the assessment services market is projected to cross $750 Mn by 2021 in India, states Research and Markets report of May 2018.
Globally, the market is expected to grow at a 10-15% rate from its current size of $4 Bn. By 2025, India is poised to become the sixth largest HRtech market in the world.