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Business News/ Companies / GrownOut raises funds from Matrix Partners

Mumbai: GrownOut Solutions Pvt. Ltd, a Gurgaon-based online referral hiring company, announced on Wednesday that it has raised its first round of funding (Series A) from Matrix Partners.

OutBox Ventures, an early-stage (seed) fund and an investor in the company, also participated in the current round of funding. The amount is estimated to be equal to a typical Series A round funding, which would be $3-6 million.

The company is looking to use the funds for deepening its analytics expertise, product development and growing its business. Co-founder Sumit Gupta said in a statement that they are building a referral hiring solution to make recruiting more efficient and cost-effective.

“The recruitment market in India is large and has been served by staffing agencies, job-boards and career sites. Companies still struggle with a barrage of unsuitable resumes, long recruitment cycles and candidates that are a poor-fit with company culture. Referral hiring provides recruitment results in shorter hiring cycles, lower hiring costs and higher employee retention," said Tarun Davda, director, Matrix Partners India, in a statement on Wednesday.

Other start-ups in the space include that has raised over 2 crore in a seed round led by IDG Ventures India., an online company that provides video technology in the area of recruitment, received investment from Mayfield Fund in July this year.

According to a report based on a Salary and Employment Forecast by Michael Page, a British recruitment company, 68% of surveyed employers in India use social media as part of the recruitment process, with LinkedIn the preferred platform. Around 51% of employers surveyed expect attrition in the coming year, while 70% plan to expand their team over this time frame.

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Updated: 08 Oct 2014, 03:19 PM IST
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