Bengaluru-based myNoticePeriod.com has rebranded itself as Hiree.com. The company has acquired 800+ paid customers in less than a year and claims to be adding thousands of new jobseekers daily. It has already crossed 170,000 profiles. Founded by two ex-Yahoo! employees, Manjunath Talwar and Abhijit Khasnis, myNoticePeriod(MNP) was started in January, 2014. The company had recently raised INR 18 Crore in series A funding from IDG Ventures India.
YourStory spoke to Manjunath and Abhijit to know more about the decision to rebrand at this stage.
Why the name Hiree?
Manjunath and Abhijit were looking for a name from the job seeker’s perspective and how it sounds. They ruled out many to finally arrive at Hiree.com. According to both co-founders, Hiree is simple, easy to remember and represent a job seeker. And given the company’s focus on job seekers, this makes it a perfect match. Manjunath says,
When we started myNoticePeriod, our aim was to reduce the hiring lead time for employers and give better offers to jobseekers. We started with smaller target group of notice period candidates. Given the success and customer feedback, we are now expanding the benefits of the powerful hiring platform to all categories of job seekers. Hence theneed for a new namewhich is ‘Hiree’. With hiree.com we will grow even more faster, addinnovative features and deliver further efficiency gains for our users.
How are the funds being utilized?
Abhijit mentioned that funding amount has been invested in the product development, marketing and team expansion.
- Product: Hiree.com has a differentiated product than any other jobs listing portal, they are working to make the backed experience and matching algorithm meet new heights. An android app for the clients(800+ paid) has been launched and an app for the job seekers will be out in the market in next two months.
- Marketing: Company has been spending mostly on digital media with targeted ads on Facebook, Google, Yahoo!, Saavn, Youtube. Initially, print ads were running but due to a relatively poor response both the co-founders discontinued it. They learnt that their target audience don’t read newspaper and are instead online.
- Team expansion: Employee count has gone up more than ten times in last eight months. In October 2014, company had only six people which has now grown to 65 member strong.
Recruitment industry and the key differentiator
Abhijit claims that unlike most of the innovations taking place in vertical space of industry (like video interviews), Hiree is a horizontal platform. He referred to Hiree.com as the only destination that has jobseekers who are actively changing jobs. According to the information shared by company, Hiree’s customers gain 20x efficiency improvement in their candidate search. With the rebrand and accompanying technology changes, the company now extends beyond candidates in their notice period and expands to a larger base of job seekers.Another factor which has worked with the company is their focus on mobile which the recruitment space has not seen earlier. According to Ravi Gururaj, Co-Founder of HBS Alumni Angels India, Hiree is a perfect match for the on-demand ecosystem and generation.
How does the future look like?
Hiree is adding benefits like smart matching algorithms, real-time alerts and a unique private messaging system. The recently launched Android App for recruiters has allowed them to connect with candidates through call, whatsapp, SMS, e-mail and schedule meetings in real-time for future discussion. These have given tremendous benefits to all categories of jobseekers and employers.
We are not going after building a database of millions of candidates, we want to identify the most suitable candidates, who are very actively looking for opportunities and can join fast, including candidates who are on notice period. The core technology built to get most active candidates high within search results will further improve hiring efficiencies. This takes us closer to our vision of being the fastest technology driven hiring platform.
With over 12,000 employers registering on the portal in a very short time, Venkatesh Peddi, Partner and Executive Director at IDG Ventures India sees an early indication of the huge opportunity in Hiree.