[Funding alert] Monster.com raises $18.3M from Volrado Venture, Meridian Investments, and Quess
Online jobs platformhas raised Rs 137.5 crore in a funding round led by Volrado Venture Partners, Meridian Investments, and from its parent company Quess at a valuation of close to $100 million.
In a notice to the stock exchanges, Quess said the current close has been done at Rs 112.5 crore with an option built-in to expand the round to Rs 137.5 crore.
Volrado is led by Akash Bhanshali who is part of Enam Holdings, while Meridian is an investment office of TV Mohandas Pai.
According to a statement by the company, the funds raised will be utilised towards enhanced investments on product development and marketing in India, SEA, and the Middle East markets. The investment is also expected to help Monster.com evolve from a Job-board into a talent platform delivering full stack experience for both candidates and companies.
Quess acquired the businesses of Monster.com in India, Singapore, Malaysia, Philippines, Hong Kong, Vietnam, Thailand, Indonesia, UAE and Saudi Arabia in 2018. Monster.com has over 60 million active users in India.
On the funding raised by Monster.com, Ajit Isaac, Executive Chairman, Quess Corp, said,
“When Quess acquired Monster for an investment of Rs 145 crore, we embarked on a ‘Digital First’ journey with the objective of creating long term value for our shareholders and clients. This investment represents the validation of progress that has been made by the team and the capital infused will accelerate the transformation towards building Monster into a category defining company.”
According to the statement, Monster.com has seen an annual sale growth of 60 percent, customer retention at 70 percent and a 170 percent growth in active user base.
Sekhar Garisa, CEO, Monster.com, APAC & ME, said, “The last year has been incredible for the company, achieving very healthy growth across all metrics. We have an exciting product and business road map in line with our view on how hiring will evolve in the next few years.”
On the investment into Monster.com, Mohandas Pai said,
“The next two years will see a huge increase in available jobs, thanks to high economic growth, and job seekers will find a high quality platform to plan their careers here. As employers prepare for a new decade and an employee-first mindset, the platform will help them create a differentiated experience and build deeper relationships with their teams from day one. “