Mumbai-based AasaanJobs, which owns and operates online jobs portal AasaanJobs.com, has raised about Rs 35 crore from a consortium of new and existing investors, including George Soros-backed Aspada Investments and IDG Venture Capital India.
The startup, which had raised about $1.5 million from IDG Ventures India and Kanwal Rekhi-backed Inventus Capital Partners in January 2015, will use the proceeds from the Series A round of funding to automate its online recruitment marketplace and expand to new cities across the country.
"We're looking to build our technology platform further, and expand to Bengaluru later this year. We're also looking at Kolkata, Hyderabad and Chennai," said Dinesh Goel, chief executive of AasaanJobs.
Founded in November 2014 by IIT Bombay alums Goel, Gaurav Toshniwal and Kunal Jadhav, AasaanJobs competes with the likes of Bengaluru-based BabaJob Services, which owns BabaJob.com and Info Edge-backed Naukri.
"It will be exciting to see how the team manages to mould a "workplace of the future" by leveraging technology. The unstructured nature of recruitment as a space means there is an opportunity for disruption," said Kartik Srivatsa, managing partner of Aspada Investments.
According to official figures,, India's recruitment market is estimated at $4.2 billion (about Rs 28,700 crore), and growing annually at a compounded rate of between 18%-25%. Recent government-led initiatives, such as "Make In India' and skill development missions have been created to generate much-required employment and jobs generation.
"The market is certainly there, but we are all still figuring out the best solutions to crack it," said Goel. AasaanJobs caters to both, blue collar and white collar candidates, as well as employers and recruitment agencies, and claims to have about 160,000 job seekers currently on its platform.
"We're looking to have about 2 million job seekers on the platform over the next 12 months, and have 15,000-20,000 employers on board, up from the current 750," Goel.
Aspada Investments, which counts companies such as hospital chains Be Well Hospitals and Eye-Q Vision testing and K-12 focused personalised content delivery venture Xamcheck in its portfolio, raised its corpus to $50 million, after its only backer, billionaire financier, George Soros, invested an additional $25 million in June last year.
In April last year, BabaJob secured $10 million investment from Australia-based Seek Ltd, a global online employment marketplace.
The news originally published on indiatimes.com
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