In a pre-Series A funding round co-led by Pentathlon Venture Capital and The Chennai Angels, Hyderabad-based AI recruiting startup TurboHire announced that it has raised $2 million.
Samir Khosla and Francisco Arcilla participated in the round as international strategic investors, along with Telangana Fund, Purvansh Holdings, Mumbai and Hyderabad Angels, and other investors.
In 2019, Deepak Agarwal, Aman Gour, Abhishek Kabra, Gaurav Kumar, and Rakesh Nayak founded TurboHire, a platform that allows candidates, recruiters, interviewers, and approvers to make educated decisions on the fly while cutting the cost and time of hiring by 65% and 78%, respectively. In addition to increasing its foreign presence to 25% of its total revenue, the company intends to maintain its CMGR graph at 20%, company said in the statement.
Aggarwal said in a statement ,“When it comes to recruitment automation, we do not focus on what has been done by others so far, rather we focus on redefining what is possible. The team at TurboHire works every day on creating the future and this round is testament to the investors' belief that it is on its way to build and lead the recruitment automation software category, globally.”
The company intends to use the additional funds to increase product automation and increase its global revenue.
Pentathlon Ventures, situated in Pune, was founded in 2020. It is an early-stage venture capital firm that focuses on technology scale-up accelerators that work with early-stage startup accelerators that help businesses grow by offering an ecosystem and cash.