Network based referral platform, Happy2Refer, has raised $250,000 of funding from Equity Crest, Vinners, Sparknext and a few angel investors in its seed round. Nimit Bavishi, Founder, Happy2Refer stated that they plan to use the investment in ramping up their product, algorithms, enhancing user experience and marketing.
Happy2Refer was founded by Nimit Bavishi, Harshit Bavisi and Mitesh Jain in September last year. It’s a referral hiring startup and was first incubated by Sparknext and has also been mentored by Ashutosh Sinha, global head – talent acquisition & strategy – Reliance Industries, Sankha Bhowmick, head – human Resources at BCCL (Times Group) and client-turned-investor Khaleel Rahman, talent acquisition head, Shaadi.com.
Vinners investing in the company shows that the backing of the startup is on a strong base. It includes people like Narayan Prabhat Ranjan (CFO, Viacom 18), Gaurav Gupta (MD, Macquarie Capital), Harvinderjit Singh Bhatia (Harry Bhatia) (CFO & Director at Netmagic|Co-founder at Radiowalla|Charter Member at TiE), Neeraj Jain (Vice-President at Johnson & Johnson) and Debasis Nandy (CFO of Thomas Cook) amongst other CXO-level industry veterans.
Happy2Refer is working on an invite only basis, with companies like Religare, Zo Rooms, Shaadi.com etc. Nimit stated that the hiring market is worth $400 billion globally and $4 billion in India itself. Growing at 27% CAGR, hiring itself is a great market to be in. They believe that referral, which is relatively untapped, is inherently disruptive in the recruitment process. Employees working in organizations understand who fit a particular role better than anyone else. Thereby, referral candidates are inherently a high quality talent pool.
Equity Crest’s Cofounder, Deepak Gupta said, “Equity Crest is delighted to back the Happy2Refer team which has displayed a high level of execution and business traction across various customer types in a largely unexplored arena in the hiring space.”