Indian recruitment startup myNoticePeriod.com has raised over US$330K (INR 2 crore) in seed funding, led by IDG Ventures India. Other investors include Prashant Kirtane, CTO and Co-founder of travelmob.com; Shamsunder Talreja, owner of JetSet Capital; Raghu Krishnananda, former Yahoo engineering leader; and Ravi Gururaj of Frictionless Ventures.
The company will use the fund to strengthen the team, scale up revenues and invest in technology to deliver a higher level of hiring efficiencies.
As part of the transaction, Venkatesh Peddi, Vice President, IDG Ventures India, will join the Board of Directors of myNoticePeriod.com.
“We have recently started seed investment programme at IDG Ventures and myNoticePeriod.com is one of the early investments from this programme. For seed investments, we essentially look at strong teams, large market and disruptive ideas, and myNoticePeriod.com met all the requirements,” said Peddi.
“The team at myNoticePeriod.com has a path-breaking business model and we are pleased to support them in building a leading brand that stands for rapid hiring supported by differentiated technology,” he added.
myNoticePeriod.com is a recruitment portal that helps in finding candidates serving notice periods, to reduce the hiring lead time and multiple rounds of negotiation. It also ensures better candidate matching through its algorithm and captures information like jobseeker’s best offer salary and title.
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“Our customers are able to identify and hire candidates 20x faster. This investment validates our strategy and will help us deliver greater value to our customers,” said Manjunath Talwar, CEO, myNoticePeriod.com.
“Our product allows a lean hiring team to pick ready to join candidates quickly. The portal serves jobseekers well because they get to choose the best offer,” added Abhijit Khasnis, COO, myNoticePeriod.com.
myNoticePeriod.com serves many large employers and HR recruiting firms and has database of candidates across IT, Sales, Marketing, Finance and BPO domains. The service is free for job seekers, but there is a subscription fee for recruiters.
“The myNoticePeriod.com team is extremely focussed and talented. They are going after a big market with an innovative offering which is resonating well with large customers. The early traction has been impressive and I look forward to helping them build up a substantial and profitable business,” said Ravi Gururaj, who is now formally coming on board as an advisor to the company. The startup is incubated at NASSCOM’s 10K Startup Warehouse.
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