Funding Alert
TurboHire raises $2M in Series A funding by Penthalon Venture Capital
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ByStartupStory | September 20, 2022
Hyderabad-based AI recruiting company TurboHire announced that it has raised $2 million (about Rs 15.8 crore) in pre-Series A funding round led by Pentathlon Venture Capital and The Chennai Angels on Tuesday. Telangana Fund, Purvansh Holdings, and Mumbai and Hyderabad Angels also participated in the round, along with global strategic investors Samir Khosla and Francisco Arcilla.
The company intends to use the new funds to increase product automation and increase its global sales.
TurboHire was established in 2019 by Deepak Agarwal, Aman Gour, Abhishek Kabra, Gaurav Kumar, and Rakesh Nayak. It is a platform that allows intelligent and on-the-go choices among applicants, recruiters, interviewers, and approvers, cutting cost-to-hire by 65% and time-to-hire by 78%. The firm said in a statement that it intends to maintain a CMGR of 20% while increasing its foreign footprint to 25% of its overall sales.
“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,” said Agrawal.
“TurboHire has proven that it is a fast-growing company in the automation sector. With this round, they are well on their way to building the category of recruitment automation, while catering to global markets,” said Hemant Joshi, Co-founder and Managing Partner at Pentathlon VC.
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