Background checks are a common part of recruitment process in companies. This helps companies in minimising their risks by assuring what their new employee is sharing is true. On the other hand, the candidates have a handful of options of verifying if the company they are going to commit to is right for them or not. Same applies when it comes to choosing a college or a university.
To ease the decision making process of students and job seekers, Bloomigo is coming up as one such platform to guide them with its data-and-design-driven analytics. Mumbai-based startup was started by Arpit Bajpai (IIT Bombay), Vikrant Raj (IIT Bombay) and Anurag Shukla (SIRT Bhopal) in May 2015. It helps people explore and make better career decisions by doing predictive analysis on career paths already taken by relevant people and their experiences.
Millions of students and professionals end up wasting their time and talent because of a bad career decision and it often gets difficult to restore back a bad career move. The career decision making at every stage of career is primarily driven by personal networking, and not everyone has good set of people in their network to guide them. “This premise pointed us to a clear information (rather knowledge) gap and we decided to redress this,” said Vikrant.
It is leveraging user generated content i.e. past employee experiences and feedback, and a proprietary data algorithm to help its users.
Its analysis helps answer three basic questions about any career point – How to get there? What happens there? and What will happen after it? The career point could be company, college, university, sector etc. It also provides employee centric company information like average salary, background of existing team, company specific Q&A etc.
The recommendations are generated around career path based on skills, educational background and professional history. They hope to leverage technology to solve the problem of employee-company mismatch by tracking trends on both the sides.
Also, it allows the recruiters to sign up and search for relevant candidates. It will be monetizing via providing hiring solutions to employers and recruiters via its SaaS platform.
Current Status and Goals
The startup was initially launched with trends and insights from over 100 colleges, 800 companies and more than 400 alumni stories. Currently it has over 5,000 users on board, with an average session duration of 8 minutes.
The startup had raised an angel round of funding from Taj Haslani (Silicon Valley-based HR tech evangelist), Ankit Gupta (former Google employee and current principal engineer at WalmartLabs) and Ankit Srivastava (IIT-D, IIM-A, currently working as Growth Architect at Roposo). The company used this funding for product development.
Bloomigo is also looking forward to raise next round of funds, to be used for expanding its team, establishing proof of concept and business development.
“Over 50% of a person’s awake time is spent doing work, and our vision is to make it meaningful” said Vikrant. Commenting on the market size, he also added, “Indian recruitment space is a billion dollar industry. Our target segment are white collar professionals under private sector whose market size is estimated to be over 1.3 billions dollar in 2016 and projected to reach over 2.5 billions in 2021.
Bloomigo competitors are classified job portals and hiring agencies both in online and offline space. Several of its features overlap with that of Glassdoor’s. LinkedIn too is rising as a tool that caters equally to job seekers and recruiters. However this is an evergreen industry, where there is still a lot of scope for innovations to happen.