HRtech startup HireSure.ai is using AI and blockchain to address hiring inefficiencies
Every business needs to onboard good talent, retain and engage them, and work with them to increase efficiency and productivity. However, hiring processes can be taxing for both, the employer and the job seeker.
Enterprises invest huge sums of money and time to search, selecting, interview, and hire the perfect candidate. However, they end up on the losing end when applicants don’t sign up.
Bengaluru-based HRtech startup HireSure.ai aims to make the hiring process more efficient through its offer-closing platform for organisations.
Founded in 2019 by Vineet Dwivedi, Anshul Mishra, Yashwanth, Anurag Dixit, and Ramesh Konatham, the startup uses artificial intelligence and blockchain to help businesses increase their offer-to-join ratio.
Speaking to YourStory, Anurag, Co-founder and Head of marketing of HireSure.ai, says, “One thing that hasn’t changed in the recruitment process since is the job offer rollout and acceptance experience. The process is marred with inefficiencies and trust deficit between the employer and talent, leading to extremely low and unpredictable returns of recruitment drives. Vineet realised the problem while recruiting members for his previous ventures and came up with the idea to completely overhaul the process by creating an offer closing platform for organisations.”
Anurag, Anshul, and Yashwanth had in 2016 established Bengaluru-based coliving startup Furnome. Vineet was their tech advisor; he left in 2019 to launch HireSure.ai along with Ramesh, his batchmate from IIT-Kanpur. The trio joined them to build the HRtech startup after they exited Furnome in December 2019 post-acquisition.
Making hiring more efficient
The startup uses blockchain e-locker technology to maintain employment records and AI tools to boost hiring and retention efforts for companies. It also uses AI to provide predictable analysis on joining and retention, and allows business to complete the onboarding process digitally.
“HireSure.ai uses blockchain technology to cryptographically store employment-related records. Our predictive tools use AI to offer insights related to employee compensation and offer acceptance behaviour, which helps companies increase their offer-to-join ratio. This brings down hiring costs by up to 50 percent,” Anurag says.
HireSure.ai’s predictive intelligence provides insights on a job seeker’s past employment, expected salary, and behaviour at a particular role before the business rolls out an offer. Apart from this, blockchain technology helps client organisations roll out offer letters, experience certificates, and take digital signatures in a tamper-proof manner.
Speaking about operations, the co-founder says business was slightly impacted due to the COVID-19 pandemic with organisations delaying decisions .
“However, industries such as edtech have been impacted positively, and we have seen a jump in offer rollouts in this space from our platform, hence increasing our revenues. We initially recorded a growth rate of only 10 percent month on month during the lockdown, but are now growing at 30 percent month on month,” Anurag says.
According to media reports, the startup launched a re-employment assistance service in May this year for businesses being forced to lay off and reduce their team size amidst the pandemic. The platform aims to help businesses find alternative jobs for employees they need to let go.
Business and the future
Anurag claims that HireSure.ai has already partnered with 100 companies. The startup counts organisations such as Edureka, ClassPlus, Tracxn, and Springworks among others as its major clients
The co-founder adds that the HRtech startup aims to partner with 500 businesses by the end of this year.
Speaking about the business model, Anurag says the startup charges a fixed percentage of the annual CTC of the candidate successfully joining the client organisation.
“The recruiters roll out job offers on our platform and the candidates ‘Accept’ or ‘Decline’ on the platform. The entire transaction is monitored and becomes payable when a candidate who accepts the job offer joins the company,” he adds.
HR technology is a significant part of the human resource industry. According to a report published by Grand View Research in February 2020, the human resource management market is anticipated to reach $38.17 billion by 2027, registering a CAGR of 11.7 percent from 2020 to 2027.
The market now has many players, including Trabaajo Inc, EdGE Networks, Darwinbox, and Dockabl, which are using AI to address the gaps in the recruitment process.
There are others such as SCIKEY, which uses its patented MindMatch algorithm to help people make career choices; ReferHire, a peer-to-peer platform that connects prospective candidates with companies that are keen to hire; and London-headquartered iXceed Solutions, which offers Recruitment Process Outsourcing services to clients such as Infosys, HCL, Oracle, Mindtree, and NIIT.
But HireSure.ai believes that the fact that it functions as an “offer-closing platform for organisations” helps it stand out.
Anurag did not disclose details, but revealed that the startup had raised a seed round of funding from marquee investors in February 2020 and was now looking to raise its next round.
“We plan to launch our platform in the US by October 2020 and get one million e-lockers on the platform by December 2021. We aim to associate with 5,000 companies by the end of next year,” Anurag says.
(Edited by Teja Lele Desai)