Business, Investments

GrownOut Raises its First Institutional Funding from Matrix partners

grownout_iamwireGrownOut, a referral hiring solution that leverages employees’ professional social network has secured its first institutional funding round led by Matrix Partners. The company aims to utilize the raised funds to leverage their employees’ professional network, deepening its analytics expertise, product development and growing its business.

In June this year, the firm had received a amount of USD 40,000 in Seed Investment. As per Venture Intelligence Blog, GrownOut has been deployed at several leading companies including Quikr, Ola, Appiterate, Stayzilla and Winshuttle amongst others.

Launched in 2013, as a venture of Sumit Gupta and Harsimran Walia, based-out in New Delhi. The company told  YourStory that it was focussing only on Indian market and had 12 B2B active users for the first version of their product that was released in March 2014.

It aims to solve the hiring requirements of the industry using the latest available technologies and research techniques to make candidate sourcing easier and more efficient.

While sharing more about their effort and vision forward Sumit said, “We are building the next generation referral hiring platform to make recruiting more efficient and cost-effective. Despite incredible innovations in technology in the last decade, recruiting still remains a fundamental challenge in the industry and an unsolved problem. We believe there is a disruptive market opportunity which can change old methods and make hiring a painless process. Our partnership with Matrix Partners will provide us the necessary support to realize our vision.”

Commenting about the investment in GrownOut, Tarun Davda, Director, Matrix India shared, “The recruitment market in India is large and has traditionally been served by staffing agencies, job-boards and career sites. However, HR heads of companies still struggle with a barrage of unsuitable resumes, long recruitment cycles and candidates that are a poor-fit with company culture. We believe there are several opportunities to solve the hiring needs of Indian SMBs and Matrix Partners India will make multiple investments in this space. Referral hiring – the holy grail of recruitment results in shorter hiring cycles, lower hiring costs and higher employee retention. We share Sumit and Harsimran’s vision to deliver a truly world-class solution for referral hiring to Indian SMBs.”

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