MyNoticePeriod, an online platform which helps companies hire ‘talented’ individuals, has raised a $3 Million (INR 18 crores) Series A round from IDG Ventures, the company announced in a press statement today.
This comes almost four months after it raised a $320K seed round from individual angel investors and IDG Ventures, in September 2014. IDG’s other big-ticket investments include notable Indian start-ups like Flipkart, Yatra, Lenskart.com, Vserv, Firstcry.com and Zivame.com
MyNoticePeriod claims to have over 400 companies as clients on its platform with a 10x growth in job-seekers and 2x month over month growth in recruiters. This is also the fastest seed-to-series fund raise in this space in India.
Manjunath Talwar, CEO at myNoticePeriod said,
We are seeing rapid adoption in the industry. Six of the top 10 global I.T. companies are already customers of myNoticePeriod.com and are seeing great value. This new round of investment is further validation that we are addressing a need of companies across industry segments like Finance, Retail and Information Technology
myNoticePeriod.com, which is a Nasscom Incubated company, started with candidates on Notice Period. With this fresh Series A round, the company now aims to extend the concept to any candidate who is actively seeking opportunities, including the ones in Notice Period.
Online recruitment isn’t new to India. Startups have been working in the space for quite some time now, but have failed to gain traction, primarily due to authenticity related reservations from both the company’s as well as candidate’s end. Also, many a times, employers take on too much to hire candidates from these portals, thus making these online platforms unreliable.
However, myNoticePeriod claims its approach ensures better candidate matching through its proprietary algorithm and captures unique information like jobseeker’s salary and title. The firm already has six of India’s Top 10 I.T. companies as its clients, and aims to further expand its portfolio.