Quick hiring startup MyNoticePeriod raises $3 million funding from IDG Ventures

Recruitment startups have been attracting the attention of venture capital firms, with tech-based differentiators from the traditional job portals. One of these is MyNoticePeriod which has just raised INR 180 million (close to US$3 million) from IDG Ventures. It had raised INR 20 million (US$322,000) in seed funding from angel investors and IDG Ventures just four months earlier.

A statement from the company, announcing the new funding, says MyNoticePeriod has seen rapid growth in both job-seekers and recruiters, with over 400 companies using the platform.

MyNoticePeriod was incubated in the software industry body Nasscom’s 10,000 Startups program. Its focus was on quick hiring by identifying candidates actively looking for jobs. It began with candidates serving out a notice period in their companies; hence the name. Now its roster has expanded to include all candidates actively seeking jobs. .

Manjunath Talwar, co-founder and CEO of MyNoticePeriod, says:

Six of the top 10 global IT companies are already customers of MyNoticePeriod.com and this new round of investment is further validation that we are addressing a need of companies across industry segments like finance, retail and information technology.

Talwar, an alumnus of Indian Institute of Management (IIM), and his co-founder Abhijit Khasnis, from BITS Pilani, both worked earlier for Yahoo.

“Technology is the centerpiece of our offering,” says Khasnis. “We recently rolled out an industry-first Android app that allows faster real-time communication between recruiters and candidates, using familiar channels like WhatsApp, SMS and schedulers.”

Ravi Gururaj, head of the Nasscom Product Council and an angel investor in the company, says:

Over the past year, Manjunath and Abhijit have delivered a well-designed product for both web and mobile users, and revenues have ramped up rapidly. They have demonstrated the target market is real, large, and receptive, all of which poises them for fast growth in 2015.

A number of startups with differentiated pitches have been jostling for space in this segment. TalentPad, started up last year by IIT and IIM alumni, raised seed funding from Helion Ventures in October. Grown Out Solutions, a referral hiring company, also raised its first round of funding recently. Other more established startups focusing on IT recruitment include HackerRank and HackerEarth.

See: How a wandering two-legged LinkedIn gives a helping hand to startups in India