OptimHire, a HR technology company, has said its technology platform helps IT firms cut down on time to hire employees significantly.

The three-year-old Hyderabad-based start-up, which has about 120 employees, has deployed artificial intelligence and automation to help companies reduce hassle in the hiring process. Besides, it created a platform for over 2,000 freelance recruiters to help them connect with the companies.

“It cuts the six months that an IT company typically takes — from the time it gets an application to the time it onboards an employee — down to 12 days. This means a lot for companies that are witnessing huge attrition rates,” said Lakshmi M Kodali, Founder and Chief Executive Officer of OptimHire.

High attrition in IT

Addressing a press conference here on Thursday, Kodali said that the IT industry had been witnessing very high attrition rates, causing severe work disruptions.

“Some of them are losing about 50 per cent of their employees. For them to recruit in the traditional ways, it would take a very long time. Our technology-based platform offers a huge database of candidates whose applications were already vetted thoroughly,” he said.

“We created a three-way ecosystem on OptimHire by bringing companies, candidates and referral partners (online marketers, affiliates, freelance recruiters) onto a single platform,” he said.

He said OptimHire has a database of over six lakh candidates and over 2,000 freelance recruiters.

Fund raising

OptimHire, which raised ₹20 crore in its seed round from Mucker Capital and Pitbull Ventures, is planning to raise ₹150 crore in a Series A in the next four to five months.

“We are in talks with investors,” said Kodali.

The proceeds would be used to expand operations to across geographies with a focus on markets like India, the United States and Canada.