In a crowded space like recruitment which is swamped with job portals, multinational organisations, smaller niche outfits and companies’ own hiring engines, it becomes a challenge for a startup to create a credible identity in this segment. Despite these factors, a Bangalore-based startup has managed to stand out on its own through smart use of technology to address some of the gaps in this segment.
Hiree, formerly known as myNoticePeriod, founded by two former Yahoo employees— Manjunath Talwar and Abhijit Khasnis—has come out with a proposition which can be a win-win for both the job seekers and employers.
The two founders in their experience of working with various technology companies realised that considerable time was lost in finding the right candidate and they came out with a solution of creating a base of only the active job seekers.
Unlike many of the other job portals which throw up a mass of resumes for any jobs available in the market, Hiree was very clear that it would only focus on the active candidates and weed out the passive ones. As Khasnis says, “The number of job postings is not the right criteria. We will seek the active job seeker and not be afraid to let go of people,” while adding, “We are not building a destination.”
The core differentiation, when compared with other job portals, has witnessed Hiree currently having around 40,000 active job seekers. Talwar says that as Hiree receives thousands of applications they do an algorithm match in terms of candidates available for various job openings. The company’s strategy is pretty clear: it would remove candidates from the active list after 90 days. “This segregated view is not available in the market and has led to hiring process becoming inefficient,” he informs.
Hiree has three types of candidates on its portals: one who are actively looking for jobs, second who are serving their notice period and lastly those who are available. It also provides upfront the expectations of the candidates in terms of salary and designation. They also have their own call centre which does the verification of each and every potential job seeker.
This differentiation has also led to some investors asking the two co-founders whether this idea was already there in some US job portals. Khasnis says the value proposition for the employer is pretty straight forward. “We give them curated, filtered and a verified list of people who are in the phase of changing jobs.”
Talwar says that this has expedited the pace of hiring for the employers. Today, Hiree has an active user base of 40,000, growing from its earlier level of 7,000-8,000. Around 14,000 employers have signed up with them with 800 paying customers. Today, over 50% of its demand comes from the IT industry with the rest spread across verticals such as healthcare, retail, financial services, etc.
Hiree, which incubated more than a year ago under the Nasscom’s Startup Warehouse programme, has ambitious plans to expand. Talwar says that right now Hiree has a presence across top 8 cities and the eventual goal would be to reach out to every part of the country. “We are looking at a base of two lakh active job seekers at any given point and this will be a good base to expand into various verticals,” he says.
Hiree initially raised over Rs 2 crore from angel investors and IDG Ventures. It later raised R18 crore from IDG Ventures as follow up series A funding. Khasnis says the funding has helped them grow faster and there has been a lot of interest from other investors.
The ambition is clearly there for Hiree as Talwar says, “We have solved the hiring problem to an extent but we need to scale it further.”