HR-focused tech startup InCruiter, announced on Monday that it has raised Rs 1 crore (around $121,351) in a revenue-based funding round led by Recur Club.
The company plans to utilize the funding towards expanding its interview-as-a-service across geographies along with hiring and expansion of its team.
The Bengaluru-based startup, founded in 2018 provides remote interview solutions for businesses to select candidates through automated interview platforms. The company in its press release stated that it has conducted about 50 thousand interviews to date and has over 250 domestic and international clients, including startups like Practo, Mahindra, Adecco, and Spinny, among others.
“We will continue to launch more products in the coming times - a new product is already in the pipeline and is expected to go live by the end of 2023,” said Anil Agarwal, chief executive officer and co-founder of InCruiter.
The startup claims to be currently profitable and has onboarded 127 clients in 2022 alone, as per their press statement. It has additionally increased the employee headcount by more than 60% as well.
HR tech startups have gained significant venture capital interest with several early-stage startups raising sizeable funding from notable investors.
In November 2022, Hyderabad-based startup Keka, raised $57 million (Rs 465 crore) in its Series A round of funding from WestBridge Capital.
WestBridge Capital also led the Series C funding round of US-based HR tech startup Phenom People Inc, which raised $30 million in 2022.
In October 2022, SaaS provider for HR management, HROne, raised $4 million in a Series A round led by Insitor Partners, with participation from Prudent Investment Managers.
In January 2022, Tata Capital Growth Fund II, the private equity (PE) fund of Tata Capital, invested $10 million in ZingHR, which offers end-to-end employee lifecycle management services to its clients.
