InCruiter, an Interview as a Service (IaaS) based HR tech startup, has recently raised an undisclosed amount of funds in the revenue-based funding (RBF) round, led by GetVantage.
The debt funding round is aimed at helping the company move on an exponential growth trajectory.
The Bengaluru-based company plans to allocate the acquired funds to product development and is planning to release multiple products in the HRTech segment by June, 2022
“InCruiter has realised the need to introduce new technologies to redefine the recruitment landscape. We have always focused on developing modern technological tools to automate mundane recruitment practices. With the recently acquired funds, we will be adding new products to our existing portfolio to build the hiring solutions for the next billions,” said Anil Agarwal, co-founder of InCruiter.
Incepted in 2018 with an idea to optimise the hiring process, InCruiter started with the fully-automated crowd recruiting platform that provides an online marketplace for agencies and interviewers that expedites the process of hiring.
The company claims to have grown sevenfold in the last three months in terms of expanding its team from four members in December 2020 to more than 35 members in the last 10 months. In the coming year, the company is planning to grow its team size to 100 members by March 2023.
Since its inception, InCruiter has generated a revenue of $250K in FY20-21 during the COVID-19 pandemic and crossed over $1million in FY22. The company has partnered with large-scale corporates and planning to generate a revenue of over $5 million in the next one year, it said in a statement.