Brand Capital, the investment arm of India-based media group The Times Group, plans to invest up to US$6.5 million to Indorse, a skills verification platform based in Singapore. The initial investment is a convertible note at US$2 million, with a valuation of US$15 million, with the option of a further tranche of US$4.5 million.
Indorse said that the investment will be used for its expansion plan into India and to build the demand for its services through The Times Group’s media assets in India.
Indorse works by using a network of experts to assess and confirm the abilities, expertise, and achievements of candidates searching for new job roles. The initial focus was on the coding sector, allowing businesses to eliminate sorting through hundreds of applicants and immediately hire talents using a shortlist of candidates proven to have the right skills for the role within days.
Indorse claimed that it has already worked with both small and large tech companies in finding suitable talent, like its recent project conducting a tech recruitment event to assess coding and data science candidates for Grab.
Back in 2017, the company completed a fundraising round which reached US$9 million. In addition to that, UK listed investment and advisory firm, Coinsilium Group Limited (NEX:COIN), previously made S$450,000 seed investment for a 10 per cent equity stake in the business.
“The support from The Times Group is a vote of confidence in our model and will help us build the brand to become a dependable source for employers seeking candidates with the right skills,” said Gaurang Torvekar, CEO and Co-Founder of Indorse.
By leveraging the experience of human experts across the world, Indorse believes that it provides a quality appraisal of tech talent, while substantially reducing the direct and indirect costs of the hiring process.
“Candidates can benefit from ‘indorsement’ by proving they can do the job they’re applying for – regardless of their CV’s content,” said Torvekar.