SaaS Startup BarRaiser Bags $4.2 Mn From 021 Capital, GFC & Others

SUMMARY

The fresh capital will be deployed to expand BarRaiser’s footprint and hire new talent for engineering as well as data science teams

BarRaiser claims to have on boarded more than 250 businesses and got over 30K candidates interviewed via its platform

It aims to conduct structured and fair interviews, and help companies hire first-class talents

Bengaluru-based SaaS startup BarRaiser has secured $4.2 Mn in a seed funding round. The round was led by 021 Capital and Global Founders Capital (GFC). Other angel investors also participated in the funding round.

The fresh capital will be deployed to expand BarRaiser’s footprint and hire new talent for engineering as well as data science teams.

Founded in 2020 by Prashant Kumar, and Avinash Saxena, BarRaiser is an AI-backed interviewing platform that helps create a standardised interview process for candidates, organisations and industry experts. It aims to conduct structured and fair interviews, and help companies hire first-class talents.

Manav Jain previously headed BNP Paribas and also worked with Boston Consulting Group while Avinash Saxena cofounded Roposo and Prashant Kumar worked with ZestMoney.

As per the website, BarRaiser counts Cars24, Shiprocket, upGrad, Olx, Meesho, Toppr, HomeLane, Tata 1mg, Nike, Cure.Fit as its customers. It claims to have boarded more than 250 businesses and got over 30K candidates interviewed via its platform. It further asserts to have partnered with over 800 experts that help candidates in the interview process.

Some of its competitors in the Indian startup ecosystem are Zimyo, Zoho, Kredily, and Beehive.

The Growing SaaS Industry Of India

According to a report, investment in the Indian SaaS soared to $4.5 Bn in 2021, an increase of 170% from 2020. The country’s SaaS market is expected to reach $30 Bn by 2025, capturing an 8% to 9% share of the global SaaS market.

With investors’ growing interest in SaaS companies, the industry has seen a chunk of fundraising recently. In March this year, B2B SaaS startup Draup raised $20 Mn (about INR 152 Cr) from US-based PE firm HKW to accelerate its AI capabilities and expand product portfolio.

In January 2022, Seattle and Pune-based contract intelligence startup Icertis raised an undisclosed amount from German-based SaaS giant SAP at a valuation of $5 Bn. Besides this, the two companies made a product partnership to deepen technological integration for clients.

In January this year, Delhi-NCR and Palo Alto-based contact centre software startup SaaS Labs secured $42 Mn of funding in its Series B funding round led by Sequoia Capital India.

The round saw participation from Base 10 Partners and Eight Roads Ventures and angel investors such as Amit Agarwal, Allison Pickens, Anand Chandrasekaran, and Michael Stoppelman in the funding round.

During the same time frame, Zluri secured $10 Mn of funding in its Series A round led by MassMutual Ventures. Existing investors including Endiya Partners and Kalaari Capital participated in the funding round.

Update | 2nd May, 4:30 PM

We have remove the name of one of the founders from the story at the request of the company. According to LinkedIn profile, one more person had claimed to be the cofounder of the company. Post publishing the story, the company has clarified the same.

The company’s interview statistics has also been updated.