Bengaluru-based startup InCruiter has secured a substantial investment of INR 1.1 crore from the renowned revenue-based financing platform GetVantage. The latest funding round solidifies InCruiter’s position as a key player in the competitive HR tech landscape and marks a pivotal moment in the company’s journey towards redefining how businesses approach talent acquisition.
Fueling Innovation and Expansion
Founded in 2018 by Anil Agarwal, InCruiter initially gained attention with its fully-automated interview-as-a-service platform. The company’s innovative approach significantly expedites the hiring process by 1.5 times, providing businesses with a dedicated marketplace of freelance expert interviewers. With an already impressive roster of over 2,000 expert interviewers, InCruiter is well-poised to utilize the fresh capital injection from GetVantage to enhance and expand its services.
According to a recent press release, InCruiter plans to channel the funds strategically to position itself as the one-stop solution for businesses aiming to hire top-tier talent swiftly. The company’s commitment to offering a comprehensive and efficient recruitment solution underscores its dedication to quality and precision in the hiring process.
IncBot and AI Integration: A Game-Changer in Recruitment
InCruiter’s evolution extends beyond funding milestones, with the recent launch of IncBot. This cutting-edge tool has successfully onboarded 87 new clients in the past year alone. IncBot’s integration of AI-driven video interviews has revolutionized traditional recruitment processes, saving more than 10,000 minutes of HR time within three months. The platform boasts an impressive record of facilitating over 4 million total interview minutes, highlighting its efficiency and effectiveness in the dynamic world of talent acquisition.
Strategic Funding and Collaborations
Before the recent investment from GetVantage, InCruiter had already attracted support from various quarters. The company secured INR 20 lakh in debt funding from the government under the Startup India Scheme. In January 2023, Recur Club invested an additional INR 1 crore in a revenue-based funding round, showcasing confidence in InCruiter’s potential for growth and innovation.
GetVantage, the key player in InCruiter’s recent funding success, specializes in providing short-tenure growth capital and has an impressive track record of supporting 700 companies. Notable investments by GetVantage include companies like BluSmart, The Ayurveda Company, Rage Coffee, Buyofuel, and ChargeZone, further solidifying its reputation as a vital player in the startup financing ecosystem.
Future Roadmap: Redefining HR Tech
With the infusion of fresh capital, InCruiter is now poised for accelerated growth and innovation. The company’s strategic focus on becoming a one-stop solution for talent acquisition aligns seamlessly with the broader industry trend of leveraging technology to optimize HR processes. As InCruiter continues to innovate and expand its offerings, the collaboration with GetVantage serves as a catalyst for growth, positioning the startup as a formidable force in the evolving landscape of HR tech.
