IDG pumps in an Rs 18 crore series A round in myNoticePeriod
myNoticePeriod.com is a fast growing technology-driven recruitment platform that fits well with employers’ desire to hire fast and reduce uncertainty caused by long waiting periods of jobseekers. Founded by two ex-Yahoo! employees, Manjunath Talwar and Abhijit Khasnis, myNoticePeriod(MNP) was started in January, 2014. The company had earlier raised over INR 2 crores from individual angel investors and IDG Ventures, in September 2014. And now, it has raised a follow up series A round of INR 18 crores from IDG Ventures.
myNoticePeriod.com has 400 companies using the platform and reports a 10x growth in jobseekers and 2x month over month growth in recruiters. IDG Ventures is investing to fuel its rapid growth further. Incubated by Nasscom, myNoticePeriod.com, they started with candidates on Notice Period and will now extend the concept to any candidate who is actively seeking opportunities, including the ones in Notice Period.
Manjunath Talwar says, “We are seeing rapid adoption in the industry. Six of the top 10 global I.T. companies are already customers of myNoticePeriod.com and are seeing great value. This new round of investment is further validation that we are addressing a need of companies across industry segments like Finance, Retail and Information Technology”. The company also rolled out an industry-first recruiter Android app that allows faster real-time communication between recruiters and candidates, using familiar channels like WhatsApp, SMS and schedulers.
Talking of the investment, Venkatesh Peddi of IDG Ventures, says, “We are very convinced with the company’s vision of enabling faster hiring. Both Manjunath and Abhijit have demonstrated excellent execution focus and passion to build out a strong technology platform. Their platform is witnessing exponential growth and we are very happy to be part of the company."
There has been a lot of activity in this space with a lot of startups trying to solve the hiring problem using technology. Interviewstreet (now HackerRank) was one of the early success stories followed by the likes of HackerEarth, Aasaan jobs, and a bunch of others. Few in the space are taking an approach of building a community of developers and keeping it engaged and recruiters can hire from the pool while for MNP, the model is a bit different and they have started out with technologists already working in MNCs and are now widening scope.