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, a company founded in 2019 with more than 130 clients worldwide, claims to integrate resume intelligence, recruiting automation, and workflows in an intuitive user interface. Its system guarantees applicant selection accuracy and significantly decreases hiring costs and timelines by 65% and 78%, respectively. This round of investment will help TurboHire launch its development and expansion initiatives at the perfect time. In addition to increasing its foreign footprint to 25% of its overall sales, the firm wants to keep its CMGR graph at 20%. Deepak Agrawal (CEO), AmanGour (CRO), Abhishek Kabra (CTO), Gaurav Kumar (VP-Engineering), and Rakesh Nayak co-founded the business (VP-Engineering).
The co-founder and CEO of TurboHire, Deepak Agrawal, stated that the company’s staff works every day to build the future. “This round is a testament to the investors’ trust that TurboHire is on its way to establish and lead the Recruitment Automation Software category, internationally.”
“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.”
