Innvocon finds its purpose in reducing early attrition and cost and time of hiring for companies

• ByStartupStory     |    March 15, 2023

Seduction of safety is much more perilous than a perception of risk, a very deep yet a basic remembrance for businesses’ said Taranjeet Singh.

Startup Story recently had the opportunity to interview Taranjeet Singh, the founder of Innvocon, a Chandigarh-based HRTech Enterprise Solutions company. Singh, along with his co-founders, Pragyanam Kumar and Nancy Bagla started Innvocon to solve the problems of high early attrition, bad hires and high cost and time involved in the recruitment processes.

Innvocon achieves this by taking hiring requirements from companies on two stacks, technical needs and workflow culture of the company, which largely adds to the early attrition of fresh recruits. The company then transform these requirements into real-time projects very closely tailored to the project or the product the company-specific is actually working on and the candidates are thus trained.

Founder of Innvocon Shares Inspiration Behind the Startup Idea

During our recent interview with Taranjeet Singh, the founder of Innvocon, we learned that he and Nancy earned their degrees at GB Pant University of Agriculture and Technology in Uttarakhand, while Pragyanam Kumar completed his Chemistry Hons. from Ramjas College, University of Delhi. While studying engineering, the co-founders of Innvocon realized that the gap between what the academia delivers and what the industry demands in skilled talent is huge, and upon further observations, they realized the industry suffers at large due to high attrition rate, high training and development cost and unavailability of precisely tailored employees. Hence, they started Innvocon to solve these problems through industry-first smart hiring solutions.

The Value Propositions

Taranjeet explained that the company’s objective is to help IT and ITeS enterprises with reduced early attrition rates and provide precisely tailored employees. Innvocon operates with three stakeholders with companies at the core.

“We are also helping colleges by increasing their placement figures as well as an increase in median and mean packages. We are establishing a ‘Center for Project Based Learning’, thus helping the institutes impart project-based learning by creating an industry-oriented learning ecosystem right from the first year of college, thus creating a learning path for students for the entire four-year degree programme,” adds Taranjeet.

The company has established partnerships with over 110 organizations to develop reliable and pre-skilled teams with top talent, curated specifically to meet the objectives of the partner companies. Innvocon’s USP lies in its project-based training precisely tailored to the company’s workflow culture and tech stacks.  By filling this gap, Innvocon has carved out a unique niche for itself.

“We curate the candidates on the basis of the workplace culture of the company so that the company finds the culturally fit candidate employable right from Day 1,” adds Taranjeet.

The training structure

The entire content structure is customised according to the hiring needs of the company. The domains in which they train the candidates and hire for companies include Data Science (for computer science/IT graduates); AI and Machine Learning (for computer science/IT graduates); Full Stack Web Development (for computer science/IT graduates); and Data Analytics (any graduate).

“Our training programmes are designed to provide maximum hands-on experience. Industry experts train the candidates on the tech stack and projects to make them interview ready and HR leaders help them get familiar with the structure, processes, and vision of the company,” highlights Taranjeet.

 The Team

The founders revealed that the team’s success revolves around transparency and a positive work environment. Started by 3 co-founders, Innvocon has now grown to 15 full-time employees and 8 interns. Innvocon’s success can be attributed to the team’s shared vision and commitment to transparency.

Future Plans and Upcoming Launches

Innvocon started as an HRTech Enterprise Solutions company working primarily with IT companies and is now also transitioning into the non-tech domain to broaden its sphere of influence. The company now also caters to the demands of the companies hiring talent in data analytics and business analytics. He also revealed plans to expand into non-tech, non-management domains in the future. The company already has international clients with a customer base in South Korea. Innvocon also has plans in the pocket to start cross-border hiring for companies in the US and provide them with custom-trained developers.

 Perspective on Business Risks and Competition

We asked about the risk factors the founders have encountered and their competitors. In response, he emphasized that their company is unique in the sense that they offer both recruitment and upskilling services. They further explained their process, which involves receiving requirements from companies and training a selected set of candidates for the profiles.

Investment Plans and Expansion Strategies

“We plan to raise our seed round in the next 10-12 months with at least an infusion of Rs 2 crore in the company through external investors,” adds Taranjeet.

Despite the disruptions due to the pandemic, the company maintained a growth trajectory and has grown from 15 partner companies to over 100 partners and finds brands like HDFC, MagicPin and Lenskart among its clients.  Innvocon has an impressive placement selection ratio of 83%. The company raised its pre-seed investment round last year.  The company plans to expand aggressively in the entire north Indian geography by creating a network of colleges and companies from across India in the months to come as they prepare to raise a fresh round of investment.

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