Temporary staffing company TeamLease Services Ltd has announced their intention to buy a 30% stake Freshersworld.com, an online job portal at an 18 crore pre-money valuation.
One of the key variables for staffing business is hiring at the 0-to-3-year experience category, where there is a long tail of demand. Staffing companies have large teams of recruiters reaching out to this category of talent in sourcing and hiring. One of the critical ways to scale this stage of the hiring process is to bring in technology, access to reach and experience on attracting this category of talent on digital and social platforms.
Commenting on Teamlease investment in Fresherworld.com, Ashok Reddy, Managing Director, TeamLease Services shared "Freshersworld.com has grown steadily since inception, today has 4 million unique visitors, and one crore resumes. Their technology will power all our candidate aggregator platforms, candidate assessment, and matching capabilities."
As part of the agreement, TeamLease will infuse another INR 2 crore to enhance product features and back-end technology at Freshersworld.
Joby Joseph, Founder & CEO, Freshersworld said, “The partnership with Teamlease will allow us to create a formidable force with enhanced product offerings in building databases, online job matching, assessments and background verification.”
Ashok Reddy, Managing Director, TeamLease Services added “TeamLease has hired more than 16 lac people over the last fifteen years but finding the right person at the right time in the right place is a binding constraint for our growth. The fastest growing functional segments of India’s job market over the next decade are sales, customer service, and logistics, and freshersworld.com is uniquely positioned among entry-level job seekers."
The transaction is still subject to regulatory approvals, and it is likely to close by July 2017. The total investment will be of 6 crores, 2 crores primary and 4 crores secondary. Teamlease would look at increasing its stake in the next three years based achievement of milestone and objectives.