Gurgaon-based referral hiring portal GrownOut has raised an undisclosed amount of investment from Matrix Partners India. The company plans to use the investment raised for product development, improving its analytics expertise and growing its business.
Prior to this, it had secured $40,000 in seed funding while being part of Startup Chile accelerator program’s tenth batch.
GrownOut currently offers an employee referral based hiring solution. It works by letting employees in the client’s company connect their professional network to its database. The platform then leverages this information to build a network of their connections customized for its client. The client can then search and filter based on demography, industry, experience, skills and location among others, to find the right candidate from the database.
The company currently offer this service on a 60 day-free trial. While there is no information how much the company charges after this free trial, GrownOut co-founder and CEO Sumit Gupta told YourStory that they charge employees on a per employee per month basis from the fourth month onwards.
It currently focuses only on the Indian market and claims to have 12 active B2B users for the first version of its product released in March this year. Its clients include Quikr, Ola, Appiterate, Stayzilla and Winshuttle.
GrownOut competes with HT Media-backed MyParichay which also offers referral based hiring and had recently launched a recruitment campaign service called Social Retargeting, that allows recruiters to reach potential candidates whose e-mail addresses they may have directly or via job boards like Naukri.com, Shine.com and LinkedIn. This was expected to be integrated to HT Media’s job portal Shine.com during the year.
Shine had also added Facebook integration last June, allowing users to leverage their network on Facebook for either applying for a job, being referred to a job, referring a friend for a job and powering recruitment pages for companies on Facebook.
Market leader Naukri had introduced semantic search and career site manager in January this year, by using technologies from its two acquisitions – MakeSense Technologies and TooStep whereas Times Jobs had rolled out services like Career Play, that allows professionals to create live resumes or convert their existing resumes to live resumes in timeline format directly from their mobile phones and introduced new social features like profile endorsements, allowing candidates to seek endorsements from their Facebook contacts for any specific education, work related and skill detail in their resume.
There is also LinkedIn which claims to have 24 million registered users in the country as of February this year. Whistle Talk, a social recruiting platform which allows users to share job opening in their team or help friends find a job and earn a referral bonus, had also raised $400,000 from Hyderabad Angels in December 2012.