HR tech startup InCruiter has raised Rs 1.1 crore in undiluted Revenue-Based Funding from GetVantage. The funding is part of InCruiter's strategy to become a comprehensive solution for businesses seeking efficient talent acquisition.
The Bengaluru-based startup, founded in 2018, has been on a growth trajectory, having previously secured funding from various sources, including the government's Start-Up India Scheme and Recur Club.
The startup has launched a new product, “IncBot,” and has made its presence felt internationally by registering a new office in the USA. Last year, it onboarded 87 new clients. These steps are part of InCruiter's broader plan to dominate the talent acquisition market, particularly in the screening stage, with its array of six products.
InCruiter uses AI, a kind of smart technology, to make hiring easier and faster. The startup claims to have over 10,000 minutes of HR time in just three months and has conducted over 4 million total interview minutes.
Anil Agarwal, CEO and co-founder of InCruiter, said, “As we reflect on our journey, I truly believe that a more aggressive approach could have yielded better results, propelling us to grow at a 5X speed. Inspired by this realization, we have even higher aspirations for the upcoming year, we will onboard more clients and elevate our service quality through process automation. We plan to expand our global footprint beyond that of the Indian clientele. To achieve these targets, we plan to exponentially expand our team size by hiring across tech, sales, and marketing sectors.”
What does GetVantange do?
GetVantage, the financier of this deal, is a revenue-based financing platform with a growing portfolio. Having secured NBFC certification from the RBI, GetVantage is backed by investors like Chiratae Ventures, Varanium, InCred, DMI, Sony, and DI.
The company plans to leverage its NBFC status with Rs 50 crore and aims to raise a total of Rs 200 crore to expand its lending operations, supporting companies like InCruiter in their growth and expansion endeavours.
Join our new WhatsApp Channel for the latest startup news updates