Hyderabad-based AI recruitment company TurboHire has announced it raised $2 million (around Rs 15.8 crore) in preSeries A financing round. This was led by Pentathlon Venture Capital, and The Chennai Angels. Along with global strategic investors Samir Khola and Francisco Arcilla, the round also included Telangana Fund and Purvansh Holdings as well as Mumbai and Hyderabad Angels.
The company plans to use the funds to improve product automation and global sales.
TurboHire was founded in 2019 by Deepak Agarwal and Rakesh Nyak. The platform allows applicants, recruiters and interviewers to make intelligent decisions on the go, reducing cost-to hire by 65% and time to hire by 78%. According to the firm, it plans to keep a CMGR at 20% and increase its international footprint to 25% of overall sales.
“When it comes down to recruitment automation, we don’t focus on what others have done so far. Instead, we look at what is possible. TurboHire’s team works daily to create the future. This round is a testament to investors’ belief that TurboHire is on its way building and leading the global recruitment automation software category,” stated Agrawal.
“TurboHire is a rapidly-growing company in automation. They are now well on their way towards building the category of automation for recruitment while catering to global markets,” stated Hemant Joshi (Co-founder and Managing Partner, Pentathlon VC).