India (Commonwealth Union)_ For TurboHire, a platform for recruiting automation, Mumbai Angels, a private investment firm, has raised $2 million. Global strategic investors Samir Khosla and Francisco Arcilla, T-Fund, Purvansh Holdings, Mumbai Angels and Hyderabad Angels, as well as Pentathlon VC and The Chennai Angels, participated in the pre-series A investment round that was co-led by them.
The money raised will be put to use enhancing TurboHire’s offering and expanding the company’s ability to generate income from international markets. TurboHire wants to generate 25% of its income from outside the United States and has a 20% compounded monthly growth rate (CMGR) goal. TurboHire, which launched in 2019 and has more than 130 clients worldwide, claims to integrate resume intelligence, recruiting automation and processes in an intuitive user interface. Its system guarantees applicant selection accuracy while slashing hiring costs and times by 65% and 78%, respectively.
The cash, according to the article, would be utilized to enhance TurboHire’s product and concentrate on increasing its income contribution from international markets. It states that the recruiting automation start-up generates 25% of its total income from foreign partnerships and has a compounded monthly growth rate (CMGR) of 20%.
“The team at TurboHire works hard every day to build the future, and this round is a testament to the investors’ trust that TurboHire is on its way to establish and dominate the Recruitment Automation Software category, internationally,” said Deepak Agrawal, co-founder and CEO of TurboHire. “With talent recruiting issues becoming more complex over time, AI automation is the way to go in order to guarantee the swift and accurate placement of applicants for future profitability.” According to Nandini Mansinghka, co-founder and CEO of Mumbai Angels, “We wish TurboHire great success as it strives to advance its development and impact across regions with new financing.”
