[Funding alert] AI-based recruitment platform TurboHire raises seed funding of $1M
Hyderabad-based Augmented Intelligence-driven recruitment platformhas raised $1 million in seed funding with a series of institutional and individual investors. The investment round is led by Pentathlon Ventures, with participation of Kia Ora Ventures as well as individual investors Monish Darda, Sanjay Balram and Prabir Jha among others.
Turbohire was founded in 2018 when a group of former IITians and NITians, who quit their respective jobs at Microsoft, Google, and ISB, and came together to create a new Augmented Intelligence-based platform to dramatically change how organisations make hiring decisions.
In a statement, the startup said that fresh capital will be utilised for expanding into global markets, improving the value proposition by building an ecosystem, and deepening the intelligence with automated interviews.
Deepak Agrawal, CEO at TurboHire said,
“At TurboHire, we have created a platform that deeply understands human requirements but acts with the speed and precision of a machine. It uses deep tech as well as data science to provide greater insight to recruiters and allows organisations to save more than 60 percent in Time to Hire and Cost of Hire. We have grown at a tremendous pace in the past two years and we are now working on enhancing user experience in the self-service model."
He added that COVID-19 and its effects on the job market have served to augment the demand for faster recruitment tools and the TurboHire is looking at a significant growth globally over the coming years.
TurboHire is being used by more than 100 enterprises, including brands such as ICICI Bank and RPG Enterprise.
Prabir Jha, who has held executive human resource positions in companies like CIPLA and RIL, said,
"As a senior Human Resource functionary, I have closely witnessed the evolution of the HR industry over the years. With increasing employment opportunities and a larger talent pool to select from, making the right hiring decisions faster is very critical for organisations today. AI and automation are definitely the next major drivers in the field. Over the past year, TurboHire has constantly featured among the most promising AI-based recruitment platforms and I am sure the funding will help it expand its operations globally as well as drive innovations."