[Funding alert] CareerLabs raises $2.2 M from Rocket Internet's VC fund GFC and angel investors
In a span of one year, CareerLabs has reached out to one lakh students with 30,000 active users and 3000 paid subscribers.
CareerLabs, a profile building platform for college students and working professionals, has raised $2.2 million in a new financing round as it looks to scale its platform, including a new product.
Rocket Internet's VC fund, Global Founders Capital, invested in the Bengaluru-based startup’s pre-series A round with participation from Toshan Tamhane, Chief Digital Officer, UPL; Ajit Isaac, Founder Chairman of QuessCorp; Rohit Kale, MD, Spencer Stuart; Professors of ISB, Ghanshyam Dass- Former MD- Asia Pacific and Middle East, Nasdaq and Abhishek Nag, Director of Business Development -India and South Asia, Netflix and other angel investors.
PN Santosh, co-founder and CEO of CareerLabs said,
“India’s vision of “Make in India” leading to Aatmanirbhar Bharat can be a reality only if India leverages its demographic dividend. With CareerLabs, we strongly intend to bridge this supply-demand gap and enable one million students to learn and earn better by providing everyone a chance to achieve a successful career thereby creating a motivated workforce.”
“We are investing in building the right machine learning models with the focus on identifying the right career tracks for students and incorporating the right engagement activities resulting in successful outcomes for students,” Santosh added.
Founded in 2019 by the ex-leadership team of BYJU’S, led by serial entrepreneur PN Santosh, Ex- Mckinsey alumnus and Ex-founding member at BYJU's, Krithika Srinivasan from University of Michigan and Prasanna Alagesan, an alumnus of IIM Bangalore, CareerLabs is developing a profile builder platform to help college students and working professionals discover their career paths and prepare for a life beyond college at scale and at affordable price.
The startup claims to provide a technology-enabled platform with a unique Career Track recommendation engine called Career Wizard, which helps CareerLabs provide suitable industry-recognised courses and certifications for upskilling. The career skilling solutions are carefully built to make it affordable at a price that is 70 percent lower than similar solutions. Through a completely planned journey involving detailed profile analysis, personalised mentoring and recruitment help, CareerLabs is enabling millions of students in Tier-II and Tier-III cities to also access the same quality content and services.
“We are highly impressed by Santosh and the CareerLabs team, and love their passion to create a better end-to-end solution for career discovery, skilling and recruitment. We are convinced that they will have a significant impact on the lives of millions of graduates in India in the years to come, and are proud to be part of their journey,” said Roel, Partner at Global Founders Capital.
CareerLabs claims that it specialises in not just computer science track but has a wide range of profile building Career Tracks in Electronics, Mechanical, Civil and Techno managerial domains covering creative and interdisciplinary domains. In the near future, the brand will reach out to over 1000 colleges covering 600,000 students and help everyone discover their dream careers through its AI enhanced career discovery engine, CareerWizard.
Edited by Anju Narayanan