Talent advisory company Basil Advisors is in talks with venture capitalists and HNIs to raise USD 5 million (about Rs 32 crore) as it looks to tap into the booming consumer internet market in India.
The Gurgaon-based company offers talent acquisition and training services to firms like Flipkart, Snapdeal, Grofers, TinyOwl, Roadrunner and Delhivery.
"We are in discussions with a couple of venture capitalists and HNIs to raise USD 5 million. We hope to close it by the end of this quarter. The investment will be used largely on technology and also infrastructure," Basil Advisors founder and CEO Prateek Srivastava told PTI.
Following this, Basil plans to raise another round of funding of USD 15-20 million or up to Rs 125 crore within next 9-12 months, he added.
The company is currently valued at about USD 20 million. It has two offices in Delhi-NCR and one in Bangalore.
As for logistics and supply chain management firms, he said: "By 2020, we estimate there will be 10 lakh bikers in the industry (delivering packages) and we hope to be training 80 per cent of these. This (training) market is worth about USD 8-10 million."
The training, Srivastava added, helps e-commerce and logistics firms lower the cost of service and improving customer experience.
"We are present in 16 cities. We cover most of the metros and major cities. Now, we are looking at expanding to 40 cities, places like Imphal, Gangtok and Siliguri by this year. These might seem small but e-commerce firms are already delivering here and so, there is potential for training," he said.
The CEO added that training accounts for about 60-70 per cent of its revenues and with the growth that e-commerce is witnessing in India, the share will "only increase further".
Basil Advisors also works with startups that need support in hiring leadership talent and advisory board members. This segment accounts for about 30 per cent of its revenues.
"Consumer internet companies across sizes are looking at roping in the best of talent, including those from the Silicon Valley. This is a high margin business and we expect to see strong growth," he said.