Matrix Partners India has announced that it has led first round of institutional funding in GrownOut, a referral hiring solution that enables companies to leverage their employees’ professional network.
The amount has been left undisclosed as of now.
GrownOut plans to use the funds raised for deepening its analytics expertise, product development and growing its business.
GrownOut was founded by Sumit Gupta, and Harsimran with a vision of solving the hiring requirements of the industry using the latest available technologies. It utilises well researched techniques of referral hiring to make candidate sourcing easier and more efficient. Referral candidates are generally hired faster and stay at companies much longer compared to any other recruiting medium.
Related Article: PeopleStrong Acquires B2B SaaS Referral Startup Grownout
Here is how it works:
“We are building the next generation referral hiring platform to make recruiting more efficient and cost-effective. Despite incredible innovations in technology in the last decade, recruiting still remains a fundamental challenge in the industry and an unsolved problem. We believe there is a disruptive market opportunity which can change old methods and make hiring a painless process. Our partnership with Matrix Partners will provide us the necessary support to realize our vision.” said Sumit Gupta, co-founder and CEO of GrownOut.
A few of GrownOut’s clients include Quikr, Ola, Appiterate, Stayzilla and Winshuttle amongst others.
“The recruitment market in India is large and has traditionally been served by staffing agencies, job-boards and career sites. However, HR heads of companies still struggle with a barrage of unsuitable resumes, long recruitment cycles and candidates that are a poor-fit with company culture. We believe there are several opportunities to solve the hiring needs of Indian SMBs and Matrix Partners India will make multiple investments in this space. Referral hiring – the holy grail of recruitment results in shorter hiring cycles, lower hiring costs and higher employee retention. We share Sumit and Harsimran’s vision to deliver a truly world-class solution for referral hiring to Indian SMBs.” Said Tarun Davda, Director, Matrix India.
Recently, Matrix has also invested in Alchemy Web Private Limited, which provides restaurants with a platform to run day-to-day operations, under the brand name LimeTray , and Red Monster Games India Pvt Ltd, a mobile social gaming company.