BENGALURU: Recruitment startup myNoticePeriod has raised Rs 18 crore from IDG Ventures India in Series A funding.
This comes barely five months after the Bengaluru-based startup received Rs 2 crore in a seed round led by IDG Ventures India and other angel investors, making it one of the fastest seed-to-series fund-raise.
"The new round of investment is a further validation of our model. We will deploy the money to expand our team and enhance our technology platform," said Manjunath Talwar, co-founder of myNoticePeriod.
The startup, incubated at the Nasscom Startup Warehouse, was founded by Talwar and his former Yahoo colleague Abhijit Khasnis, a BITS alumnus who has spent over 15 years at Yahoo, Oracle and i2 Technologies.
myNoticePeriod is a marketplace that brings together recruiters and potential candidates serving their notice period. Since those on notice period can come on board faster, the one-year old startup helps recruiters reduce the hiring lead time and improve efficiency. For job seekers, it provides an opportunity to get an offer better than the one they hold.
The portal makes it mandatory for job seekers to declare the best offer — title and salary — and expires the profiles at the end of the notice period. The company has 80,000 job seekers on its portal and over 5,000 recruiters have signed up for its service. It addresses companies across finance, retail and information technology.
"We will shortly introduce on the portal a pool of people who are actively looking for a job change," Talwar said. This goes beyond those on notice period, but it will be a verified pool, unlike regular job portals that list candidates without assessing their interest levels.
Khasnis said technology was the centrepiece of their offering. The venture recently rolled out an industry-first recruiter Android app that allows faster real-time communication between recruiters and candidates using WhatsApp, SMS and schedulers.
Nasscom estimates that there are 3 million people in the IT sector that has an attrition rate of 15%. That's 4.5 lakh people changing jobs every year, or about 38,000 every month.
Ravi Gururaj, strategic advisor to and angel investor in the company, said the company had demonstrated that the target market was real, large and receptive, "all of which poises them for fast growth in 2015."