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Hyderabad-based AI-driven recruitment platform TurboHire has raised $1 million in seed funding for its disruptive solution that enables recruiters to hire better quality candidates at reduced costs, much faster.
The investment round is led by Pentathlon Ventures. Other participants include Kia Ora Ventures as well as individual investors Monish Darda, Sanjay Balram and Prabhir 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 and Jha is former president and global CHRO at CIPLA, RIL and CHRO at Tata Motors and is the founder of Prabir Jha People Advisory.
“We have created a B2B SaaS solution of Augmented Intelligence in human-machine collaboration framework to enable recruiters with 60 per cent faster ‘time to hire’ at 60 per cent reduced ‘cost to hire’ providing 50 per cent better ‘quality of hire.’ The Covid-19 crisis and its effects on the job market has boosted demand for faster recruitment tools as a huge surplus workforce has led to an increase in the volume of candidates for recruiters,” Deepak Agrawal, CEO, TurboHire, told BusinessLine.
The seed capital will be used to take TurboHire to global markets, improving the value proposition by building an ecosystem, and deepening the intelligence with automated interviews.
How it works
The AI first understands core information of a candidate profile – Who, What, Where, When, How and How long. TurboHire has curated very large proprietary databases on companies, academic degrees, academic institutions and capabilities. The information from these databases is used to augment the core information in candidate profiles, making it easy for recruiters to hire the most relevant candidates for the job description.
“The key pillars of TurboHire are frictionless and multi-channel sourcing of candidates, discovery of the best candidate in the pool with Augmented Intelligence, conducting interviews on a purpose-built video platform and end to end restructuring of the hiring process outside and inside of an organization with modern collaboration technologies,” said Agrawal.
TurboHire has 60 plus large and medium enterprise customers including ICICI Bank, RPG Enterprise, Pelatro, Stellapps and Monocept. TurboHire’s core Augmented Intelligence, Candidate Communication and Augmented Video Interviews complement any of the leading HRMS platforms such as SAP SuccessFactors, Oracle HCM, Greenhouse and others.
Turbohire was founded in 2018 when a group of former IIT-ians and NIT-ians 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. Edwards Rogers, former Chief Knowledge Officer of NASA and IIM-Ahmedabad Professor Amit Nandkeolyar are among the start-up’s advisors.
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