Let us talk about funding. The process of funding is the way through which outside investors can make investments in an organization. Budget is essential as it allows a business or a startup to scale up its operations and expand. Investors invest in a business because they get equity or a share of the startup in return for the cash they invest. There are many terms related to the funding and the startups that an investor, a venture capitalist, and everyone associated with the funding process should have an idea of.
Some of the terms are explained below-
Ideation is generating ideas and solutions through various rounds of brainstorming, sketching, and whatnot. This process aims to come up with many different ideas, which then a team can narrow down.
Target Market– The target market refers to the group of customers to which the product or service is aimed. It is essential to have a clear image of the target market, as marketing and sales are directed.
Startup Capital refers to the money required to start a new company or a business. The startup can also use the funds to cover up the expenses related to establishing a business-like- a piece of equipment, licenses, inventory, and product development.
Key Performance Indicator– It is a process to measure the progress when a business or a startup is working towards an objective. The method of KPIs consists of setting up targets, the desired level of performance, and then tracking the progress against the target.
Churn Rate– Churn Rate is the rate at which a business loses the customers after the acquisition stage when in a subscription-based model.
There are many terms related to the startup and the funding which need to be understood.
About the involvement of technology in HR
HR Technology is a significant term that consists of software and associated hardware used for automating the process of Human Resources. This field used technology for digitalizing the tedious task of HRs, which are-
Data Storage, organization, and analysis
Technology has reduced the burden of HRs by taking care of the regular work, thus allowing them to focus their attention and time on hiring quality employees, engaging and retaining them, and helping them to boost and increase their productivity. It ensures that a healthy culture is maintained as the employees are motivated to solve their problems and solutions.
About the funding of HR Tech startup
The HR Tech startup, FloCareer, has raised USD 5.7 million, as announced on October 18, 2021. The round of funding was the Series A round of funding and was led by Data Point Capital. The other participants of the game of funding were Uncorrelated Ventures and Oreos Ventures Partners.
The startup plans to use the funds raised to strengthen its position as a leader in gig-workers-powered video interview platforms in the US and India. The startup also plans to use the funds in the sales and business development sector in the United States and will continue growing and expanding in India. It also has plans to continue innovating and bridging change in the new people-focused solutions with the help of cutting-edge technology.
About the newly funded startup
Founded in 2018 by Mehul Bhatt and Mohit Jain, FloCareer helps organizations succeed by finding their prospective “happy” employee by assisting them by matching skills by the job requirement. The solutions provided by the startup are –
Automated bot-based interview– This is the on-demand service that is engaged in helping the candidates take the discussions at the time preferred by them without being dependent on interpersonal communication.
You Source, You Interview– The startup also thinks about both the interviewer and the candidate. It offers its online platform to the business team to conduct as many interviews as required in a more centralized and systematic manner.
Interview Structuring– The startup passes on the interview structure to the business according to the requirement of the job. The company can further use analytics and insights to decide on the questions’ difficulty and proficiency level.
The products offered by the startup are as follows-
Live Interview Platform- It is a top-notch platform with a rich set of features specifically designed to support the entire interview life cycle.
JD to CV Match- It is a machine learning-driven product for pre-screening and shortlisting candidates based on their skill matrix alongside the job criteria.
On-demand Interviews- This product is available any time, anywhere, and on any device. It helps arrange an interview and lets the platform lead the conversation with the candidate in a gamified manner.
Applicant Tracking System- It helps track the progress of the candidate and manage interactions with the stakeholders.
The reasons why FloCareer should be chosen are-
High-Quality Interviews– The startup conducts high-quality interviews by providing customizable interview structuring
Hassle-free interviews– The startup provides flexible scheduling options to the interviewers and the candidates.
Auto-Schedule Interview– The startup provides candidate-focused auto-scheduling for interviews
Video Resumes– The startup has the feature of providing video resumes of each candidate to make sure that higher precision and validity in the process
Custom Branding– The startup ensures that consistent brand messaging is done of a company so that the true potential of the concerned company
Features that help– The features of the platform of FloCareer help startups, enterprises, recruiting agencies, and many more.
According to the claims made, the interview standardization has helped more than 150 companies conduct more than 1.5 lakh interviews with more than 7.5 million video interview minutes on the platform with the help of freelance industry experts in the last three years. The key customers of the startup are- BigBasket, Mindtree, PayU, Wipro, Levis, Quess, CRISIL, CHUBB, and many more.
About the founders of the startup
Mehul Bhatt is the co-founder and the CEO of the startup, FloCareer. After 15 years of journey in the technology domain and having various responsibilities from startups to MNCs, he has experience in networking, visualization, highly scalable, distributed system designs, which has helped the startup. FloCareer gathers immense scalability within a short period.
Mohit Jain is the co-founder and the COO of the startup, FloCareer. He is a Global IT leader and a seasoned professional with 20 years of experience in the IT industry and an expert in delivery management, product, and platform engineering. Mohit has successfully delivered multiple business solutions, technical implementations of several products on eCommerce, online platforms, multi-tiered and SOA-based architecture, and core business services. He has worked closely with products and services and startup companies like Xerox, Infosys, 4Media, Citi, Ford, and Dell.com.
What has been said about the deal?
The Managing Partner of Orios Venture Partners, Rajeev Suri, has said that the post-pandemic environment has opened up gates for innovation and change. He further noted that the AI-led creation of the startup is creating better hiring outcomes, resulting in hyper-growth and a market-dominating position.
The startup is bringing a change in the traditional HR domain, and we wish the startup a stroke of good luck and a bright and prosperous future.
Article Proof Read & Edited By Shreedatri Banerjee