[Funding alert] Recruiter exchange CBREX raises $1.1M in equity
Gautam Sinha, Co-founder and CEO, CBREX, said that the funding will be used to accelerate and expand its sales in the US, the startup's leading market.
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CBREX, a global recruiter exchange, which connects companies to recruitment agencies, on Monday announced that it raised $1.1 million as equity funding from a few Indian high net worth investors.
Gautam Sinha, Co-founder and CEO, CBREX, said,
“The amount raised will be assigned for accelerating and expanding our sales in the US, which is the leading market for CBREX. The company plans to appoint resellers, senior sales people and senior management in the US and other international markets like Europe, Japan, Southeast Asia including India.”
The Bengaluru-based platform uses machine learning (ML) to connect jobs to vendors (suppliers) and helps companies hire anyone, anywhere. At present, it claims that employers across 17 countries with around 5,000 recruiters (agents) to hire talent across experience levels and domains.
According to Gautam, the idea is to create “specialised supplier clusters” on a single platform that gets connected to relevant jobs based on their areas of expertise.
“CBREX also helps enhance productivity of corporate recruiters as they can now use a single interface to interact with vendors/suppliers based anywhere in the world,” he added.
The startup also has a Digital VMS (vendor management system), which digitises the entire vendor hiring supply chain. The platform aggregates suppliers (recruiting firms) – more than one million in the world – and curates them (rates them) in areas of their specialisation and gives them jobs to work on accordingly.
Basically, it creates specialised supplier clusters at a global level.
“The main idea is to consolidate the $70 billion vendor hiring spends globally and decrease the fragmentation of the market to make it more efficient for both the buyer and the supplier,” CBREX added in a statement.
At present, India only contributes 20 percent of CBREX’s revenue mix with the balance coming from Japan, the US, Western Europe, SE Asia, and China. The US is the biggest contributor to its revenue, the company said.
(Edited by Saheli Sen Gupta)
