HR Tech startup Hyreo raises funds from Callapina Capital, others1 min read . Updated: 24 Jul 2021, 12:03 PM IST
- The company will use the proceeds to fuel its international expansion and beef up its product development teams
New Delhi: Kerala-based HR Tech startup Hyreo has raised an undisclosed amount in pre-series A funding from a group of investors led by Callapina Capital.
Other investors who joined the funding round are Anas Rahman Junaid, Konglo Ventures, Raveendranath Kamath, Nat Natraj among others. The company will use the proceeds to fuel its international expansion as well as for beefing up its product development teams.
Co-founded by Arun Satyan, Mahesh Raju and Sreenath N in 2017, Hyreo works in the recruitment process and claims to improve candidate experience using artificial intelligence. The company offers a customised candidate relationship management (CRM) tool to customers across technology, banking and financial services domains.
“This round will push us to the next stage of growth. We have built a relevant product, which has a global appeal. It is time for Hyreo to start looking at international markets including the US and Asia Pacific regions," said Arun Satyan, co-founder and chief executive of Hyreo. The company expects to double its headcount in one year.
“HRTech is fast evolving as a preferred sector of focus given the need to automate and build efficiencies amidst high volume and lower budgets. The opportunity globally is $30 billion and the new normal has clearly accelerated the need to address the same. We are extremely happy to support Hyreo in their mission to automate the process through technology and deep industry understanding," said Anas Rahman Junaid, one of the investors and founder of Hurun India.
Hyreo said it looks to expand its service offerings around sourcing automation, effective talent communities, and talent marketing tools.
HR Tech is gradually gaining momentum in India with companies outsourcing the entire talent management and payroll management value chain. This is offering a business opportunity to start-ups to help companies automate human resource segment to a large extent. Besides, the shifting focus to bring informal worker to formal workspace is also aiding the growth of HR Tech firms.
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