Hyderabad-based AI recruitment startup TurboHire on Tuesday said it has secured $2 million (around Rs 15.8 crore) as a part of its pre-Series A funding round co-led by Pentathlon Venture Capital and The Chennai Angels.
The round also saw participation from Telangana Fund, Purvansh Holdings, as well as Mumbai and Hyderabad Angels, with Samir Khosla and Francisco Arcilla as global strategic investors.
Founded by Deepak Agarwal, Aman Gour, Abhishek Kabra, Gaurav Kumar and Rakesh Nayak in 2019, TurboHire is a platform which enables intelligent and on-the-go decisions among candidates, recruiters, interviewer and approvers reducing cost-to-hire by 65% and time-to-hire by 78%. The company aims to maintain a 20% CMGR graph while also growing its international presence to 25% of its total revenue, it said in a statement.
The firm plans to deploy the fresh proceeds to ramp up product automation and boost its revenue across the globe.
“When it comes to recruitment automation, we do not focus on what has been done by others so far, rather we focus on redefining what is possible. The team at TurboHire works every day on creating the future and this round is testament to the investors' belief that it is on its way to build and lead the recruitment automation software category, globally,” said Agrawal.
Pune-based Pentathlon Ventures was founded in 2020. It is an early-stage venture capital firm which focusses on technology scale-up accelerator which work with early-stage startup accelerators that work with companies to boost their business by providing ecosystem, and capital.
In September last, VCCircle reported that Pentathlon Ventures had closed its first fund at Rs 76 crore.
“TurboHire has proven that it is a fast-growing company in the automation sector. With this round, they are well on their way to building the category of recruitment automation, while catering to global markets,” said Hemant Joshi, Co-founder and Managing Partner at Pentathlon VC.
India’s automation space has been garnering investors’ attention for quite some time.
In July, network infrastructure management company AppViewX, had raised a Series B funding of $20 million from existing investor Brighton Park Capital.
In May, Grey Orange Pte. Ltd, which operates the warehouse robotics and automation firm GreyOrange, raised $110 million from US-based investment firm Mithril Capital Management, along with separate financing provided by funds and accounts under management by BlackRock.
