TurboHire Raises Funds To Help Companies Reduce Hiring Cost, Time

Recruitment automation platform TurboHire has raised $2 Mn in Pre-Series A round co-led by Pentathlon Venture Capital and The Chennai Angels.

The round also saw participation from Telangana Fund, Purvansh Holdings, as well as Mumbai and Hyderabad Angels, with Samir Khosla and Francisco Arcilla as global strategic investors.

With this fresh capital, the startup wants to improve product automation and scale up revenue globally.

Further, TurboHire enables intelligent and on-the-go decisions among candidates, recruiters, interviewer and approvers reducing cost-to-hire by 65% and time-to-hire by 78%

The startup said companies using any HRMS or HCM system can have TurboHire seamlessly integrate into their existing platform to introduce intelligent automation for the recruitment process.

TurboHire was cofounded by Deepak Agarwal (CEO), Aman Gour (CRO), Abhishek Kabra (CTO), Gaurav Kumar (COO), and Rakesh Nayak (VP-Engineering) in 2019.

“When it comes to Recruitment Automation, we do not focus on what has been done by others so far; rather we focus on redefining what’s possible,” Deepak Agrawal, cofounder and CEO of TurnoHire said.

While the latest funding comes as a push for the startup’s growth and expansion plans, the startup aims to maintain a 20% compound monthly growth rate (CMGR) graph and wants to grow its international presence to 25% of its total revenue.

“TurboHire has proven that it is a fast growing company in the automation sector. With this round, they are well on their way to building the category of recruitment automation, while catering to global markets,” Hemant Joshi, cofounder and managing partner of Pentathlon VC, said.

Indian startups have raised $20.84 Bn in 2022 in 1,129 funding deals, as of August 31, 2022, according to an Inc42 report. Although total funding raised by Indian startups in the second quarter of 2022 saw a 42% decline to $6.8 Bn from $11.8 Bn in Q1 of the year, overall funding is expected to reach $33 Bn by the end of the year.

In the current year, many HR tech startups have attracted investments. For example, startups such as inFeed, Darwinbox, InterviewDesk, Hono have raised funds. Moreover, Darwinbox also entered the unicorn club earlier this year after it raised $72 Mn in a funding round led by Technology Crossover Ventures (TCV).

The HR Tech Market size which was valued at $23.32 Bn in 2021, is estimated to reach $38.36 Bn by 2030, according to a report by Verified Market Research. During 2022-30, the market will grow at a compound annual growth rate (CAGR) of 5.7%, the report added.