HR segment drawing a lot of investor interest in India
Today, companies across the globe continue to invest huge time and money in automating their HR processes. There are a glut of innovative tech solutions paired with profitable business ventures, and tech-adopters among progressive companies, and thankfully, there are also investors interested in owning a piece of this action pie.
Right from investing in applicant tracking systems (ATS) to social recruiting tools and other out-of-the-box recruitment, retention and people management software – organizations are on a spree to leverage the power of technology in the course of recruitment, retention, performance management and reward.
In the interim, the overall hiring process has undergone a sea change. With India accepted as the happening hub for all kind of startups, technology adoption and application in HR has gone up to a considerable extent.
Evidently, investors attracted to HR tech are showing deep faith in ‘start-up solutions’. One segment that is drawing a lot of interest is the ‘Software as a Service’ market, where tech-driven HR ecosystem is beginning to take shape.
Notably, HackerRank, a recruitment tech start-up received a “strategic investment” of $7.5 million from Recruit Holdings. Other HR tech start-ups like Belong, Hiree, GrownOut, PiQube and Jombay have also reported significant fund inflow into their innovative products and services.
Belong raised $5 million in Series A funding led by Matrix Partners India and Blume Ventures, while Hiree raised $3 million from IDG Ventures. Referral hiring analytics platform GrownOut raised undisclosed funding from Outbox Ventures and Matrix Partners while hiring intelligence tool PiQube raised funding of $500,000 from The HR Fund, according to the People Matters’s post.
Likewise, Jombay, an online psychometric assessment and talent analytics platform, got funded from Nirvana Ventures.
We can’t be sure when this bubble might burst, but at least for now at least, these HR techies are laughing all the way to the bank.
