Pesto Tech raises funds from Silicon Valley investors to expand globally2 min read . Updated: 08 Oct 2020, 01:49 PM IST
- Pesto Tech sees a gap to be filled on both the demand and supply side of engineers and is tapping into remote work to bridge the same
Pesto Tech, an edu tech start-up offering remote work opportunities for Indian engineers has raised funds from a bunch of investors based in Silicon Valley. These include among others Ryan Hoover, Founder, Product Hunt, Anand Chandrasekaran, angel investor, Ankur Nagpal, founder and CEO, Teachable, Sahil Lavingia, founder & CEO, Gumroad. The company did not disclose the ticket size.
Pesto Tech will use this funding to expand globally and strengthen its presence in Silicon Valley. Founders Rahul Jaimini, co-founder, Swiggy and Ayush Jaiswal believe that the future of work is remote and are unlocking the potential of remote opportunities for Indian engineers.
“As the world goes remote, our goal is to make sure we make it extremely easy for companies to think about talent acquisition globally from day zero. This will help build a level playing ground for talent to compete for such opportunities, irrespective of where they’re born, " said Ayush Jaiswal, co-founder & CEO, Pesto Tech.
Pesto Tech sees a gap to be filled on both the demand and supply side of engineers and is tapping into remote work to bridge the same. The Indian start-up operates on the back of an ISA (income sharing agreement) model. In this model, students don't have to pay any tuition fee, until they get an offer and are hired. Once they are hired, Pesto takes 17% of their salary for the next 3 years.
This model makes Pesto more accessible to train Indian engineers with the skills needed to excel within the world’s best start-ups.
Ryan Hoover, Founder, Product Hunt, says: "The future of knowledge work is remote and Pesto is accelerating this transition, connecting strong developers in India with the world’s best start-ups."
With 100 graduates so far, Pesto Tech has already placed 85% and the remaining 15% are in the late stages of the interview process. Jaiswal claims that the salary packages have gone as high as $85,000 and the highest salary increment has been 16x leading to a package of $82,000. On average, grads have received a 3x salary increment post the program. Pesto grads are hired by leading global tech start-ups including Highlighter, Snorkel, Human Capital, Remotion, Airmeet, Paypal among others.
“A large part of the next million tech jobs will be remote and 23.5% of the world's developers are in India. Pesto can take these opportunities and offer them to underserved markets. The timing to do this couldn't get better", says Maran Nelson, Founder & CEO, Clara labs & Interact, who has also invested in Pesto.
“Many of the best companies in the United States are run by Indians. As the world goes more and more remote, there should be better ways to access great Indian engineering talent," said Derek Andersen, Founder, Startup Grind & Bevy.
Pesto Tech had raised $2 million in seed funding led by Matrix Partner in May last year. Along with Matrix, Swiggy founders including Jaimani had also participated in the round.