Hyderabad-based Augmented Intelligence-driven recruitment platform TurboHire has raised $I Mn in seed funding with a series of institutional and individual investors investing in the startup.
The investment round is led by Pentathlon Ventures. The other participants include Kia Ora Ventures as well as individual investors Monish Darda, Sanjay Balram, and Prabir Jha among others. While Darda is the Co-founder of Icertis, one of India’s first b2b SaaS unicorns, Balram is co-founder of GAVS Technologies, Jha is a prominent strategic HR leader and founder of Prabir Jha People Advisory.
The seed capital of $1 Mn will be utilized for taking TurboHire to global markets, improving the value proposition by building an ecosystem and deepening the intelligence with automated interviews.
Deepak Agrawal, CEO at TurboHire stated, “At TurboHire, we have created a platform that deeply understands human requirements but acts with the speed and precision of a machine. It uses deep tech as well as data science to provide greater insight to recruiters and allows organizations to save more than 60% in Time to Hire and Cost of Hire. We have grown at a tremendous pace in the past two years and we are now working on enhancing user experience in the self-service model. COVID 19 and its effects on the job market have served to augment the demand for faster recruitment tools and we are looking at a significant growth globally over the coming years.”
Turbohire was founded in 2018 when a group of former IITians and NITians quit their respective jobs at Microsoft, Google, and ISB and came together to create a new Augmented Intelligence-based platform to dramatically change how organizations make hiring decisions.
Hemant Joshi & Madhukar Bhatia, Managing Partners at Pentathlon Ventures stated, “Organizations want to free up recruiters, improve quality of hires, and make hiring decisions fair. AI-based tools can simplify and speed up recruitment tasks and enhance decision making. TurboHire stands out among Indian start-ups as they possess a strong DNA to scale. As founders turned funders ourselves, we are happy to invest and be part of their growth story.”
Turbohire has been built on the deep domain experience of professionals who are closely abreast of the world of talent acquisition. Its augmented intelligence paradigm helps in better resume parsing and helps create better differentiation among candidates. This results in highly improved recruitment outcomes. TurboHire is already being used at some of the marquee brands such as ICICI Bank, RPG Enterprise, and 100+ enterprises. The key pillars of TurboHire are frictionless and multi-channel sourcing of candidates, the discovery of the best candidate in the pool with Augmented Intelligence, conducting, interviews on the purpose-built video platform, and end to end restructuring of the hiring process outside and inside of an organization with modern collaboration technologies.
The funding is a validation that AI is driving revolutionary changes in recruitment as well, which has been further accelerated by the COVID 19 crisis.