InCruiter, an HR Tech Startup, has raised Rs 1.1 crores in undiluted Revenue-Based Funding from GetVantage. The Bangalore-based startup, established in 2018, offers interview solutions for businesses.
Recently, the company introduced a new product called “IncBot”, opened a new office in the USA, and welcomed 87 new clients in the past year. Through AI video interviews, they saved over 10,000 minutes of HR time in three months and exceeded the milestone of conducting a total of 4 million+ interview minutes.
Despite facing challenging economic conditions, layoffs, and a funding winter, InCruiter withstood these difficulties and achieved success through bootstrapping. Talent acquisition involves three stages: Sourcing, Screening, and Onboarding.
With a portfolio of 6 products focused on screening, the company aims to excel in this stage by offering diverse solutions. The strategy involves using the funds to become a comprehensive solution for businesses, enabling them to hire superior talent more efficiently.
Talking about the company’s future and what it plans to achieve this year with the funds raised, Mr 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.”
In the last six years, InCruiter has transformed remote hiring with video interview software. The advanced interview solutions play a crucial role in reshaping the recruitment landscape. Having a network of over 3000+ expert interviewers, they have emerged as the ultimate partner in speeding up the hiring process.
In the previous year, the company acquired INR 2 million in debt-based funding through the Startup India Scheme. These funds were directed toward expansion initiatives, facilitating the company’s entry into new markets. Subsequently, the interview solutions provider secured an additional INR 10 million from Recur Club in a revenue-based funding round. This funding was earmarked to promote its recently launched IncBot – AI Video Interview Software in the US, Canada, and Dubai markets, accelerating geographical expansion efforts.
