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tapResume, a US-based job site startup with offices in Hyderabad and Chennai, is planning to raise $5 million (approximately Rs 32 crore) from angel investors to scale up its operations pan-India, according to its founder and chief executive officer K Jagannadh Varma.
“We are planning to start conversations with investors, who could align with our growth plans and also lend us competencies, in the next couple of months. We expect to raise the funds within the next quarter,” he told Business Standard.
tapResume, which went live in August, is a next-generation job site that helps both candidates and employers in finding each other faster, and helps employers avoid the procedure of ploughing into a maze of resumes.
“Though the concept was conceived for the US market, we built the platform to cater to the Indian landscape as we saw a lot of gap between the talent and employers here. So, we are now planning to first entrench ourselves in India and then take the success to the US, probably in two years down the line. A majority of the proposed funds will be utilised to ramp up our sales force in technology hubs like Bangalore, Mumbai and Gurgaon, accelerate marketing activities in the social media, besides adding new features,” he said.
tapResume is in the process of embedding business intelligence, big data and analytics components into the platform in the next few months to help candidates map their skills more intelligently to the right jobs, Varma said, claiming tapResume reduced the hiring time for employers by 30-40 per cent.
The next-generation, vertical-agnostic hiring platform currently has 190 employers (users) as its subscribers. The company charges Rs 19,000 per user for three months and the subscription goes up to Rs 99,000 annually.
Stating that their goal was to have at least 5,000 employers on board every year, Varma said they were expecting to achieve operational break-even in the next six months.
“We are in the process of rolling out the mobile version of the job site in the next few weeks, even as we are readying mobile apps for the Android and iOS operation systems, which would be launched in the second quarter of the next calendar,” he added.
