Hackathon startup HackerEarth enters US, aims for profit in 2019
HackerEarth, which provides online skill evaluation and innovation management services, aims to grow by three times by the end of next year
New Delhi: HackerEarth Technologies Pvt. Ltd., a tech startup that provides online skill evaluation and innovation management services, has expanded operations to the US and is eyeing profitability in 2019. HackerEarth aims to grow by three times by the end of next year.
HackerEarth currently has two products: Recruit, which helps companies evaluate candidates; and Sprint, a platform launched in 2015 to facilitate hackathons. The company pivoted the Sprint product into a SaaS-based innovation management software. SaaS is short for Software as a Service.
Founded in October 2012 by IIT Roorkee graduates Sachin Gupta and Vivek Prakash, HackerEarth has grown rapidly on the back of its hackathon platform. As per the startup, hackathons are increasingly being used by large organizations as an instrument to prototype and crowdsource ideas from a talent pool, helping access better technical resources.
The company’s has over 600 clientele, including Amazon.com Inc., Walmart Labs, Pitney Bowes Inc. and Honeywell International Inc., among others.
HackerEarth’s developer community has grown to 2.5 million developers. It targets over 3.5 million developers on it’s platform and more users from the US In 2019.
HackerEarth, posted ebitda-positive growth in the third quarter of 2018 and is expecting 25% increase in revenues in the fourth quarter. In the past year, it’s international revenues have more than tripled and make one-third of it’s total revenues. Ebitda is short for earnings before interest, tax, depreciation and amortization, and is a measure of operating profit of a company.
‘We are thrilled that HackerEarth became ebitda positive in Q3 and are confident of becoming cash-flow positive by next year,” Gupta said in a statement. “We hope to solve bigger challenges and continue to grow our developer base to 3.5 million next year.”
While focussing on boosting international revenues, the company has set up offices in San Francisco. Gupta will oversee operations in the US while chief technology officer Prakash will continue to head the India business.
Bengaluru-based HackerEarth counts Prime Venture Partners, GSF Accelerator, DHI Group, BeeNext and Digital Garage as it’s existing investors. Till date, it has raised $5 million cumulatively.
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