TalentPad (previously TalentAuction), a talent fair marketplace for tech companies, is shutting down its operations, the company informed through a blog post. According to the startup the shutdown results from unable to figure out a scalable business model.
Post shutdown, new users will be unable to sign up on the platform. Candidates already in the process of interviewing will still have their interviews coordinated. If a candidate’s profile was only approved and not yet live, it won’t be going live anymore. Profiles which are pending approval will also not be verified. The company mentions that to maintain privacy, all user profiles will be permanently deleted by the 30th of September.
As for employers, the company mentions that it will commit to its guarantee of refunding employers if candidates quit within 90 days. Employers can also continue to give interview offers to candidates that have live profiles, however, it’s not clear how long the company plans to continue this. In all likelihood the site will be permanently shut down on the 30th of September.
OptimizedBits acquisition: In May, TalentPad had acquihired the tech recruitment platform OptimizedBits for an undisclosed sum. The entire team of OptimizedBits, including the cofounders, were to move to TalentPad and operate out of TalentPad’s Delhi office. At the time, the company mentioned the acquisition would help create a bigger scale curated marketplace for tech recruiters as well as expand its market share.
Funding: TalentPad had raised an undisclosed amount of investment from Helion Ventures in October last year. The company said then that it would use the funds raised to increase its marketing efforts and strengthen its management team.
Launched in February 2014, the Delhi-based startup differentiated from traditional job portals by providing an engagement model focusing on recruitment problem from the candidate side rather than the recruiter side. The service was free for job seeking candidates, while companies had to pay a percentage of a hired employee’s gross income as fee to the startup.