HireXP has succeeded in raising an undisclosed amount from Knowlarity CEO Ambarish Gupta. A British entrepreneur, Marina Zoltoverkh has also invested in the venture. Marina is an INSEAD alumnus.
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.
The Gurugram-based startup, founded by former International Business Head of Knowlarity, Vikas Kakkar, harnesses end to end recruitment software that automates the entire hiring workflow. HireXP aims at redefining the hiring process by giving an amazing experience to the recruiters. It is a new age recruitment solution that not only empowers companies to hire the right candidates but also opens a window for the candidates to speak their heart when it comes to their interview experience. HireXP confirmed that they have a licensing - SAAS revenue model.
Commenting on the investment, Ambarish Gupta, founder and CEO of Knowlarity, said, "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 The platform simply makes the entire process seamless and is way ahead of the outdated options available.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."
HIreXP founder Vikas Kakkar said, "We solve all the recruitment related issues faced by any size organisation and startups. The platform is already a success story with over 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."
According to HR SaaS provider PeopleStrong, by the year 2021, HR Tech will be a $34 billion industry globally. Furthermore the US market that currently forms approximately 60 percent of the market will have only 50 percent share by 2021 with APAC and MEA expected to contribute nearly one-third of the total international HCM business. That’s about $6.7 billion. According to industry experts, Japan and China together will be at $2.4 billion and MEA at $0.7 billion. The rest of APAC is estimated to be close to $3.6 billion of which India would be a billion-dollar market and the remaining $2.6 billion would be the ASEAN market. It implies that India’s HR tech market will double up in the next few years.
HireXP is poised 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.