Coding assessment platform provider banks $6.5m from India’s The Times Group

Brand Capital, the investment arm of Indian media conglomerate The Times Group, is set to invest up to US$6.5 million in Singapore-based skill verification platform Indorse.

Gaurang Torvekar, CEO and Co-Founder of Indorse / Photo credit: Indorse

The investment includes an initial US$2 million as a convertible note with a valuation of US$15 million, as well as the option of a further tranche of US$4.5 million, according to a statement.

Indorse, which uses a global network of experts to assess the coding abilities of job seekers, plans to use the fresh funds to help with its expansion into India. It also looks to build demand for its services through The Times Group’s media assets in the country.

The company intends to capitalize on increasing hiring volume in India resulting from the development of emerging technologies such as AI, according to a 2017 report by ThisWayGlobal.

Rituparna Chakraborty, president of the Indian Staffing Federation, also mentioned that the country’s tech industry will add another three million new jobs by 2023.

“The Times Group is a major media group and has a detailed understanding of key recruitment trends, so its support is a massive vote of confidence in our model,” said Indorse CEO and co-founder Gaurang Torvekar. “It will help us build the Indorse brand and become a major dependable source for employers seeking candidates with the right skills.”