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Employee engagement platform, inFeedo, founded by 21-year-old Tanmaya Jain, has raised an angel round of funding led by Dheeraj Jain, Managing Partner at Redcliffe Capital, a UK-based hedge fund. The startup is planning to close the round at $150K.
Palash Jain, ex-Head of Google India Core Operations, also participated in the round. InFeedo also expects to rope in more angels and HNIs with a strong background in the HR tech space to complete the remaining round in this month.
The HR analytics startup will use the proceeds to meet growing demand, scale across international waters and hire talent that can build upon Amber, their new AI chatbot. Amber has been built purely on client feedback and can automatically talk to employees at specific intervals in their lifecycle.
On the basis of these chats, it can auto-generate culture reports for HR personnel to proactively address those employees who are unhappy, facing troubles, or about to leave. Amber is currently being deployed by inFeedo’s clients such as MakeMyTrip, Lava Mobile, Knowlarity, RedBus, and Nearbuy.
Dheeraj stated, “inFeedo is the next disruption, having aligned itself perfectly with the global shift towards people management. We have heard stellar feedback from their clients on how they have arrested attrition and helped boost employee productivity. Its efficient SaaS model will enable the team to manage culture in organisations across the globe.”
Founded by Tanmaya in May 2013, inFeedo has remained bootstrapped for over a year on client revenue. The nine member team is based out of Gurgaon and had previously raised seed funding from Tanmaya’s father Palash Jain.
Being a B2B product, the startup monetises through the subscription model, charging a per user/per month fee, which is billed quarterly. As per Tanmaya, inFeedo is cash flow positive and its paid user base has been growing at the rate of 53% quarter-on-quarter. By the end of 2016, it aims to touch more than 10K paid users and is looking to partner with more B2B HR companies as it scales.
Tanmaya stated, “If HR and data science were to marry, inFeedo would be the baby. It’s been a real emotional roller coaster ride, watching our baby grow into a platform that can engage 5500+ employees, generate 1000+ ideas, host 10+ anonymous town halls and predict attrition in ways that are humanly impossible.”
With the rising adoption of technology by HR, SMB SaaS is expected to grow to $76 Bn in 2020 and India is expected to capture 8% of this market. While inFeedo’s earlier products had Microsoft’s billion-dollar enterprise social network Yammer as their main competition, Amber has an early mover advantage. With this round, inFeedo will focus on building up Amber’s machine learning, natural language processing and predictive analytics capabilities as it gears up to take on the biggies.
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