Bengaluru: KNOLSKAPE, a Bengaluru-based human resource support service company, said on Thursday that it had raised Series A funding from Inventus Capital Partners, a US-India venture firm and the HR Fund, an Indian venture company investing in young human resource companies.
“The investment will be used for the purpose of international expansion, product innovation and building out global partnerships,” the three stakeholders said in a joint statement. They did not divulge the details of the investment.
KNOLSKAPE currently operates in India and Singapore and uses simulation and gamification technology to help companies retain and transform talent and provides solutions to clients for on-boarding of talent their training and subsequent assessment. Gamification technology is the use of simulation and video games for employee engagement and assessment.
According to Utkarsh Joshi, principal of the HR Fund, the global market for “gamification solutions” will be worth roughly $5.5 billion by end-2018.
“Already, global corporations have used it in areas such as customer engagement, loyalty programmes, sales, and are extending it to their internal operations and employees. In India, adoption is often hindered by conventionally ingrained attitudes towards use of such tools at the workplace. But of late, gamification is being adopted by various corporates to engage the younger workforce,” Joshi said.