New age recruitment solutions provider HireXP on Thursday announced raising an undisclosed amount from Knowlarity CEO Ambarish Gupta.
A British entrepreneur, Marina Zoltoverkh also invested in the venture.
The startup plans to use the capital to assemble a new product line, CamXP - Campus hiring and Inject AI in the existing platform.
The funding will also boost product sales in existing markets and will be used to open new markets by the end of 2018.
"We are happy to support HireXP. It's an idea with immense potential. With a huge population out there waiting to be rightly recruited, it's a mammoth task for companies to search, find, sort and hire the right talent. The platform simply makes the entire process seamless and is way ahead of the outdated options available. The future is certainly bright and promising," said founder and CEO Knowlarity, Ambarish Gupta.
"We solve all the recruitment related issues faced by any size organisation and startups. The platform is already a success story with 50+ reputed clients on board. All we need to focus on now is its market reach, extension and expansion. Thanks to the support from Ambarish and other investors, we'll be growing manifold for sure," said founder HireXP, Vikas Kakkar.
According to an estimate, by the year 2021, HR Tech will be a USD 34 billion industry globally.
US market that currently forms approximately 60 percent of the market will have only 50 percent share by 2021 with Asia-Pacific (APAC) and Ministry of External Affairs (MEA) expected to contribute nearly one-third of the total international HCM business. It amounts to about USD 6.7 billion.
As per industry experts, Japan and China together will be at USD 2.4 billion and MEA at USD 0.7 billion.
The rest of APAC is estimated to be close to USD 3.6 billion of which India would be a billion-dollar market and the remaining USD 2.6 billion would be the Association of Southeast Asian Nations (ASEAN) market.
This data implies that India's HR Tech market will double up in the next few years.
HireXP aims to tap into this billion-dollar pot of gold and emerge as the industry leader.
With the new funds and backing, the startup is all set to step beyond the boundaries and make a mark for itself.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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