Online Job Search Portal IIMJobs Secures Series A Funding

Online job search platform for mid-to-senior level managers, iimjobs.com has secured $2 Mn (INR 13 Cr) in its Series A round of funding led by India Quotient.

Investors participating in the round included Tracxn Labs and Calcutta Angels Network (CAN) among others.

The funding will be used to scale its product, engineering, and infrastructure. It will also be used to increase its sales’ reach.

Founded in 2008 by Tarun Matta, the portal claims to be a specialised recruitment platform, that focusses on the job searching needs of graduates from highly-acclaimed IndiaBschoolss and professionals with relative experience. They provide job opportunities in segments like banking & finance, consulting, research & analytics, sales & marketing, HR, IT, supply chain and legal.

Commenting on the investment, Tarun Matta, founder, iimjobs said, “We will aim to invest the funds in recruitments for our Artificial Intelligence and machine learning team to improve the product engineering as well as expanding our reach through marketing efforts.

Prior to this, the company raised an undisclosed amount in its Seed round of funding from a group of investors including Morpheus, One97 Communications, India Venture Partners, and India Quotient.

As per an official statement from Matta, the company has worked with more than 500 enterprise customers and has been profitable in the last two-three years. The company also owns another job portal, focussing on tech- and engineering-related jobs, called hirist.com.

Earlier last month, online job portal Mykindofjob raised $1 Mn in funding from Mayank Shah and Shreyans Shah in its Angel round. In August 2016, Delhi-based job and career platform for women, SHEROES, raised $1.8 Mn (INR 12 Cr) in Series A funding.

The portal currently faces major competition from Naukri.com and LinkedIn. Other startups in this space include Careesma, Glassdoor, TimesJobs etc.