HireQuotient is on a rapid growth trajectory, offering 360-degree hiring intelligence, and building new partnerships globally. The company is on track to double its revenue within the next two quarters
San Francisco : HireQuotient, the fast-growing Singapore-based Hiring Tech start-up that automates interviews and hiring processes for companies, is accelerating its US expansion with a top-up funding led by Binny Bansal, the Co-Founder of Flipkart.
The funding top-up is after a pre-seed round in December 2021, which raised $1.8 Million, with investments from founders of Indian unicorns Sumant Sinha, Chairman of ReNew Power, India’s leading independent renewable energy producer; Mohan Lakhamraju, Founder & CEO of Great Learning; Sujeet Kumar, co-founder of e-commerce platform Udaan; and Kunal Shah, Founder of Fintech platform CRED as well as other leading investors across South-east Asia and The United States.
The company also announced the onboarding of four Go-To-Market Advisors with Robert McNutt, CTO – Forescout Technologies; Alberto Valarde, – Vice President, Mastercard LAC; Mary Shea, Vice President, Global Innovation Evangelist at Outreach; and Rissa L, Vice President – Strategy & Business Development at Southern Glazer’s Wine & Spirits.
Speaking about the funding top-up, Smarthveer Sidana, the Co-Founder & CEO of HireQuotient said: “Few things are as important for a business as trust and belief, and the latest round of funding is a testimony to the confidence our current investor, Binny Bansal, has placed in the vision and mission of HireQuotient. I am also proud of the team that we have built, and honoured to join hands with our 4 Go-To-Market Advisors. The opportunity is massive and we are ramping up to create more impact. SalesTech and MarketingTech have seen massive disruption in the past 2 decades – Hiring Tech will experience this in the coming decade. I’m confident that my team will deliver exceptional results.
In the past year, we have worked with 40+ brands including blue-chips, and our approach has been to grow aggressively while focusing on positive unit economics and revenue. Because of this approach, we have a solid runway which is very critical in today’s economic climate. We’re very focused to ensure that as we grow, HireQuotient is known for its customer-centric values to deliver high ROI, it’s culture, sustainable growth & impact creation in lives of workforce globally”
Binny Bansal, the Co-Founder of Flipkart and investor in HireQuotient said “HireQuotient has been scaling its business at a tremendous pace over the last year. I believe they have the right vision to keep them on this trajectory. It’s truly good to see how Smarth and his leadership team are building a company which has been focusing on culture from Day 1. I am excited to deepen my partnership with them”
HireQuotient, co-founded by Smarthveer Sidana and Eugene Goh, is disrupting the hiring process for business roles globally– its virtual interviewers help companies test business skills at scale in an engaging and realistic manner, saving clients millions of dollars and man-hours. It has already been used by more than 40,000 candidates in over 40 countries and generated significant time savings for organizations otherwise squandered by sifting through piles of CVs, while improving candidate quality in interviews. The company also provides tailored tools and solutions for organizations to deploy better hiring experiences to effectively tap into the global talent pool. Today, HireQuotient’s solutions are used by over 40+ global industry giants including Boston Consulting Group, Global PMI Partners, Razer, SP Group, et. al. to improve the hiring process for their potential candidates.
The sophisticated skill assessment platform makes it easier for their clients to make accurate talent acquisitions while screening potential candidates. In contrast to previous candidate-screening assessments, HireQuotient is created to provide 360-degree insights into each candidate’s performance in situations relevant to their roles. Talent Acquisition specialists have access to objective metrics that provide a quantitative overview of each candidate’s performance and capabilities, with a detailed list of each candidate’s strengths and weaknesses provided with the help of an easy-to-use dashboard. To scale-up their offerings, HireQuotient have also recently partnered with a popular platform to serve coding roles.
Over the last year, the company has clocked a significant increase in revenue, massively expanding its team to over 30 members- including more than 15 from top global schools and Management Consulting firms such as Indian Institutes of Technology (IITs), Indian Institutes of Management (IIMs), Boston Consulting Group, and Bain & Company. In recent months, the company has also hired technologists from Samsung Korea, and experienced employees from SaaS unicorns for senior Sales and Marketing leadership. With their current cohort, HireQuotient has become one of the rare early-stage start-ups with one of the best teams amongst their peers at their stage. With its significant pace of expansion and new offerings, HireQuotient is now on track to double its revenues within the next two quarters.
A key product USP of HireQuotient’s has been to help promote Diversity, Equality, and Inclusion (DEI) in recruiting, with engineered solutions to remove most forms of bias during the hiring process, and to reduce the time to hire by at ~50%. This has truly helped organizations to hire a wider range of candidates, and to create a thriving work environment. HireQuotient’s product has been engineered to help businesses hire a more diverse group of candidates by making impartial hiring calls. Better operational effectiveness as a result of reduced bias in recruiting decisions increases an organization’s long-term, steady growth trajectory.
Meanwhile, HireQuotient was recently named ‘High Performer’ in the candidate skill assessment category in the G2 Fall 2022 report. G2 is the world’s largest one-stop software evaluation system trusted by 60 million software buyers including Fortune 500 companies.