Quess Corp unit raises Rs 137.50 cr funding from two VCs

Monster.com, a Quess company and an online talent platform, raised Rs 137.50 crore in a funding round led by like Akash Bhanshali of Volrado Venture Partners and Mohandas Pai of Meridian Investments with participation from Quess Corp.

Post funding round, Monster.com is valued at close to $100 million. The current close has been done at Rs 112.50 crore with an option built-in to expand the round to Rs 137.50 crore.

The funds raised will be utilized towards enhanced investments on product development and marketing in India, SEA and Middle East markets. This investment will help Monster.com evolve from a job-board into a talent platform delivering full stack experience for both candidates and companies.

Meridian Investments is the Investment office of Mohandas Pai that allocates to direct investments in listed and unlisted companies, as well as asset allocation across classes such as venture capital, private equity, credit, and more.

Volrado Venture Partners Fund II, is a SEBI registered Fund, with Mr. Akash Bhanshali as its sponsor, is managed by Enam Holdings.

In 2018, Quess Corp acquired Monster.com's businesses in India, Singapore, Malaysia, Philippines, Hong Kong, Vietnam, Thailand, Indonesia, UAE and Kingdom of Saudi Arabia as a strategy to strengthen its HR services portfolio by establishing end-to-end offerings across the Employee Lifecycle Management space. Quess Corp' market presence in turn offered Monster.com the opportunity to enhance its capability by building and implementing technology platforms.

Monster.com has over 60 million active users in India. The business, which also has a presence in SEA and Middle East markets and has launched several product innovations over the last three years to improve the experience of recruiters as well as job seekers. The company's consistent efforts in improving platform experience has helped it achieve significant growth across key business metrics like sales (60% growth Y-o-Y), customer retention (70% growth Y-o-Y) and active user base (170% growth Y-o-Y) etc. Key health indicators like recruiter searches and consumption have also shown over significant improvement, the press release added.

Quess Corp's consolidated net profit dropped 17.4% to Rs 41.23 crore on a 23.4% surge in net sales to Rs 3,227.84 crore in Q2 FY22 over Q2 FY21.

Shares of Quess Corp slipped 0.28% to Rs 749.40 on BSE. Quess Corp is India's leading business services provider. It provides a host of technology enabled staffing and managed outsourcing services across processes such as sales & marketing, customer care, after sales service, back office operations, manufacturing, facilities and security management, HR & F&A operations, IT & mobility services etc.

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