Mumbai-based Aasaanjobs Pvt. Ltd, which owns and operates recruitment website Aasaanjobs, on Monday said it had raised $5 million in a Series A funding round led by Aspada Advisors, with participation from existing investors.
Aasaanjobs last raised $1.5 million in a round led by IDG Ventures and Inventus Capital in January 2015.
“The company would use the funds to automate its online recruitment marketplace and expand to new cities. It would set up operations in Pune and Delhi in the first quarter and Bengaluru in the second quarter of 2016,” said Dinesh Goel, chief executive officer, Aasaanjobs.
The news was first reported by The Economic Times.
The start-up was founded in November 2014 by Dinesh Goel, Ishank Gupta, Gaurav Toshniwal, Aditya Gupta and Kunal Jadhav. It helps in aggregating candidates who are looking for work and employers who are looking to hire.
“The unstructured nature of recruitment as a space means there is an opportunity for disruption,” said Kartik Srivatsa, co-founder and managing partner, Aspada Advisors.
The company claims to have scheduled 53,708 interviews so far. It currently has over 28,882 vacancies across companies such as Dunkin Donuts’, HDFC Bank Ltd, Grofers (Grofers India Pvt. Ltd) ICICI Bank Ltd and Swiggy (Bundl Technologies Pvt. Ltd), among others.
It competes with start-ups such as Babajob, Belong and HackerRank in India’s recruitment market, besides incumbents such as Naukri, Shine, LinkedIn and Monster.
While Babajob Services Pvt. Ltd last raised $10 million from Australia-based Seek Ltd, a global online employment marketplace, in August 2015, Belong raised $5 million in a round led by Matrix Partners in June 2015. Blume Ventures, Snapdeal co-founders Kunal Bahl and Rohit Bansal, redBus co-founder Phanindra Sama and the founder of IT services company Sierra Atlantic, Raju Reddy, also participated in the round.
HackerRank (Interviewstreet Inc.) in July raised $7.5 million from Japanese HR solutions provider Recruit Holding’s HR Technology Fund.
The online recruitment sector also witnessed some closures with companies such as TalentPad and WhistleTalk shutting shop, citing lack of scalability, last year.