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Business News/ Companies / News/  Online recruitment company TalentPad to shut shop

Online recruitment company TalentPad to shut shop

Technology-focused recruitment firms are struggling in India and it is just not the right time, says co-founder Nikhil Vij

Online recruitment company TalentPad to shut shopPremium
Online recruitment company TalentPad to shut shop

Online recruitment company TalentPad, run by Zobtree Ventures Pvt. Ltd is shutting operations this month, a top company executive said.

Nearly 18 months into the business, the founders decided that the market opportunity in the sector they were operating in was not large enough.

“We struggled to scale our business as the market size of the space we were playing in was relatively small," said co-founder Nikhil Vij, adding that technology-focused recruitment companies are struggling in India and it is just not the right time.

Started in February 2014 by Mayank Jain, Vij and Raghav Jain, TalentPad was backed by venture capital firm Helion Venture Partners. Helion did not respond to email and phone calls.

In an email to its clients the Bengaluru-based start-up wrote: “With a very deep heart, we wish to inform you that we at TalentPad would be closing down our operations soon. We started in Feb 2014 with a simple idea that finding a job should be much easier for talented people like yourself. Over the last 18 months, we succeeded in that in many ways. We helped a lot of people find jobs in some of the best tech companies in India and also played a crucial role in the growth of these companies, all the while focusing on delivering consumer delight.

But also, we failed in some ways. We failed to figure out a scalable business for a big enough market. One of the things the entire team was passionate about is making a big impact to a wide ranging audience. We could not figure out a way to achieve that....."

The company, which started as TalentAuction in February 2014, later rebranded itself as TalentPad.

It allowed candidates to register for free and submit a detailed profile for approval.

Only selected candidates (usually the top 10% of the applicants) were allowed to participate in the auction called “Talent Fair".

During the seven-day fair, the chosen candidates were assessed by various companies and would bid for the candidates that interest them.

The online recruitment market, currently pegged at $1 billion, is growing 20% year on year and is largely dominated by incumbents like Naukri, run by Info Edge (India) Ltd, and HT Media Ltd, the publisher of Mint, runs the jobs website

The new start-ups have a more technology-focused approach and are tracking candidates through social media activities of users to keep their data base updated.

However, these start-ups are yet to carve out a niche for themselves, facing stiff competition from Naukri and Monster on the one hand and with likes of social media platforms such as Linkedin on the other.

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Published: 04 Aug 2015, 01:17 AM IST
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