BackMonster.com raises ₹137.5 cr in latest funding round; valued at $100 mn
The funding round was led by Akash Bhanshali of Volrado Venture Partners and Mohandas Pai of Meridian Investments, with participation from Quess.
PremiumMonster.com, a Quess Corp company, today announced to have raised ₹137.5 crore in the latest funding round. The round was led by Akash Bhanshali of Volrado Venture Partners and Mohandas Pai of Meridian Investments, with participation from Quess.
Post the funding round, Monster.com is valued at close to $100 million. The current close has been done at ₹112.5 crore, with an option built-in to expand the round to ₹137.5 crore. Quess provides technology-enabled staffing and managed outsourcing services across different processes.
The funds raised will be utilised towards enhanced investments in Product Development & Marketing in India, SEA and Middle East markets. The company said the investment will help Monster.com evolve from a job-board into a talent platform, delivering a full-stack experience for both candidates and companies.
Sekhar Garisa, CEO – Monster.com, APAC & ME, said the company is "excited" about the market opportunity in talent acquisition as people become the most important currency for every business.
"We have an exciting product and business road map in line with our view on how hiring will evolve in the next few years. The participation of visionary investors with long term outlook is a tremendous vote of confidence in Monster’s ability and vision in building India’s premier talent marketplace platform," said Garisa.
In 2018, the Bengaluru-based Quess Corp had acquired Monster.com’s businesses in India, Singapore, Malaysia, Philippines, Hong Kong, Vietnam, Thailand, Indonesia, UAE and the Kingdom of Saudi Arabia as a strategic investment to strengthen its HR services portfolio.
The takeover by Quess offered Monster the opportunity to enhance its capability by building and implementing innovative technology platforms, the statement said.
Mohandas Pai said Monster.com is poised to redefine the jobs market by building tech workflows that put the candidate at the centre of the universe of innovation and possibilities. "The next 2 years will see a huge increase in available jobs, thanks to high economic growth, and job seekers will find a high-quality platform to plan their careers here," he said.
As per Pai, as employers prepare for a new decade and an employee-first mindset, the platform will help them create a differentiated experience and build deeper relationships with their teams from day one.
Monster.com has over 60 million active users in India. The business, which also has a presence in SEA and Middle East markets, has launched several product innovations over the last three years to improve the experience of recruiters as well as job seekers.
It achieved significant growth across key business metrics like sales (60% growth YOY), customer retention (70% growth YOY) and active user base (170 per cent growth YOY) etc.
Ajit Isaac, Executive Chairman, Quess Corp, said when Quess acquired Monster for ₹145 crore, the company embarked on a ‘Digital First’ journey to create long term value for our sharehold
"This investment represents the validation of progress that has been made by the team and the capital infused will accelerate the transformation towards building Monster into a category-defining company."
Also read: Cloud-related roles take up 10% of total jobs in November: Monster.com
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