SHEROES, a job and career portal for women has today announced the closure of its Series A round of funding. The startup has managed to raise a hefty sum of $1.8 Million(Rs. 12 crore) from a pool of investors.
The funding round was led by Lumis Partners along with participation from The HR Fund and angel investor Rajul Garg. It also saw participation from existing investor Quintillion Media, led by Raghav Bahl.
It has also announced that Sandeep Sinha from Lumis Partners and Pankaj Bansal from HR Fund will join the board of the company. The freshly infused funds will be used to further strengthen investments in technology, resources and expand opportunities for work from home initiative, adds Sairee Chahal, founder of SHEROES.
Commenting on the funding round and the importance of a platform like SHEROES, Utkarsh Joshi, CEO of The HR Fund says,
Gender diversity is a pressing issue for India and Sheroes is helping to create the right kind of linkages between women workforce and organisations.
SHEROES is The HR Fund’s 5th investment and is a perfect fit for our portfolio. We are very excited to be a playing a significant role in shaping up this reality.
SHEROES, operated by Delhi-based Applied Life Pvt. Ltd has previously raised Rs. 5 crore in seed funding from Quintillion Media and 500 Startups. This round also saw the participation of a host of angel investors, including Google India’s Rajan Anandan, Paytm’s Vijay Shekhar Sharma and Flipkart’s Binny Bansal, among others.
Commenting on the current funding round, Sairee Chahal says,
SHEROES is uniquely placed to solve a hard problem and has invested in building the entire ecosystem supporting women and their aspirations. With a large mission, a fast growing organization and an innovator’s mindset, getting the right kind of investment support is crucial.
She further adds that the average age of a user on the platform is around 27-30 and it is closely followed by women looking for opportunities as entrepreneurs. The sweet-spot, however, is the work from home opportunities provided by the platform.
Founded in January 2014, the company acts as a platform for jobs and career community for women. It focuses on career options including work from home jobs, part time jobs, partnerships, starts-ups, etc. for women. Chahal claims it to be the largest professional forum for women in the world.
With a whopping approx. $2 million in hand, SHEROES is currently aiming to generate around $1 million in revenues over the next one year. The company claims to have more than 12,000 companies using its platform. Also, over a million women are using its platform across 20,000 locations. Its clients list include ClearTax, Castrol, Fidelity, Helion Venture Partners, India Quotient, Make My Trips, PayTM, etc.
Dexter Capital was the exclusive financial advisor and Vertices Partners was the legal advisor for this transaction.