The landscape of hiring has undergone significant transformations since the onset of the Covid-19 pandemic. From remote interviews to in-person interactions, the challenges faced by recruiters and job seekers alike have evolved. Amidst this dynamic job market, Erekrut, a HRtech startup founded by Ajay Goyal and Dr. Ravinder Goyal in 2020, is changing the game by leveraging advanced technology to streamline the hiring process and connect recruiters, jobseekers, and campuses on a unified platform.
Erekrut's Genesis:
Ajay Goyal, inspired by his experience volunteering for his university's campus-to-corporate program in 2019, identified the need for a revamp in traditional hiring practices. Recognizing the inefficiencies of lengthy cycles and impersonal approaches, Ajay teamed up with his father, Dr. Ravinder Goyal, to establish Erekrut. The startup aims to future-proof recruitment by introducing innovative solutions that automate tasks, mitigate delays, and efficiently build a talent pipeline.
Key Features and Success:
Erekrut's proprietary AI technology focuses on precision-matching candidates with suitable job roles. The platform offers a remote pre-hiring assessment tool, allowing recruiters to customize tests based on specific job requirements. Ethical AI and data analytics ensure bias-free candidate matching, addressing the challenges of manual resume screening. The startup has gained traction among both employers and job seekers, boasting a talent pool of over 4.6 million and partnerships with 1,700+ companies, including industry giants like Paytm, Zomato, and Amazon India.
Funding and Expansion:
In May 2022, Erekrut secured INR 35 Crores in its pre-seed funding round. The startup plans to raise an additional INR 2.5 Crores in the next two months and INR 25 Crores in the next six months as part of its pre-Series A funding round. This capital infusion aims to support Erekrut's scaling efforts and continued growth.
Erekrut's AI-driven Solutions:
Erekrut's AI algorithms enable precise matching of candidates with jobs based on skills and preferences. For recruiters, the platform offers talent analytics, customizable assessment processes, application tracking systems (ATS), and communication tools. Campus Connect, a feature connecting recruiters with educational institutions, facilitates hassle-free campus recruitment and placement.
Revenue Generation and Subscription Plans:
Erekrut generates revenue from both B2B and B2C users through subscription plans. Recruiters can choose from four subscription plans, ranging from free trials to enterprise-level subscriptions. Campuses can access Campus Connect for free or opt for a Pro plan. Jobseekers can choose between Pro Candidate and Erekrut Premium plans, paying for additional features such as job applications, video resume uploads, and direct communication with recruiters.
Overcoming Challenges and Achieving Product-Market Fit:
Erekrut faced challenges such as market penetration, rapid adoption of tech-driven hiring, and establishing brand credibility. The startup navigated these challenges by staying frugal, focusing on areas with high return on investment, and embracing a culture of continuous learning. Positive user experience and robust customer support were prioritized to build brand credibility. Erekrut invested in backend infrastructure to ensure seamless user experience even during traffic spikes.
Future Outlook and Growth Strategies:
Erekrut envisions significant growth opportunities in the evolving hiring landscape. By the end of Q4 FY24, the startup aims to reach 10 million jobseekers, engage with 3,000+ recruiters, and collaborate with 2,000+ academic institutions. The CEO, Ajay Goyal, anticipates a transformation in the hiring landscape over the next two to three years, driven by next-generation AI/ML, virtual reality, and augmented reality. Erekrut plans to integrate various assessment methods to enhance its measuring standards.
Conclusion:
As the global online recruitment tech market continues to grow, Erekrut positions itself as a player driving tech-assisted smart hiring. With ambitious goals and a focus on technological advancements, Erekrut aims to disrupt the recruitment industry, competing with established players and shaping the future of hiring through innovation and adaptability.
