Coffeee.io, an artificial intelligence-driven recruitment startup, has raised INR 4.7 crore (~US$600,000) in a pre-seed funding round.
As many as 34 angel investors and angel networks participated. They include Supermorpheus, Let’s Venture, Kunal Shah (Founder, Cred), Prabhu R (Founder, M2P), Amit Lakhotia (Founder, Park+), Renu Satti (Ex-COO Payments at Paytm), Vikas Garg (CFO, Paytm), Pratekk Agarwal (Ex-Bharatpe, Serial Entrepreneur), Chinmaya Sharma (Partner, Infoedge), Rameez Menon (MD- Oxbridge Capital), Aayush Narang (Founder, Spark18), and Manu Jain (Founder, Vama).
As per a report by Fortune Business Insights, the global online recruitment market is expected to grow by a CAGR of 7.1 per cent to $43.39 billion by 2027. Every year in India, over 1.7 million software engineers are added to its hyper-competitive IT jobs market, yet hiring remains a challenge for most companies.
Coffeee aims to solve the challenge by allowing recruiters to search profiles of pre-screened developers using over 40 parameters to define the best fit. In addition, this platform’s coding-enabled live online interview feature enables companies to a thorough assessment and quick decision making at a fraction of the usual cost of hiring.
The startup claims it offers a level playing field where all candidates have equal opportunities to get hired by leading companies by eliminating all biases around college ranks and geography.
“Developer hiring is the biggest challenge facing all tech companies, and the only solution is to boost the supply of quality talent from the grassroots. That is the engineering campuses. At Coffeee, we enhance candidates’ preparedness with industry-focused training and enable companies to hire them without incurring huge costs seamlessly,” said Amit Veer, co-founder and CEO of Coffeee.
“A key feature that sets our platform apart from existing job portals are Coffeee BootCamps”, said Neha Sharma, co-founder and Chief Growth Officer. Free to access and learn, Coffeee Bootcamps are designed specifically to prepare freshers for their dream jobs so that they can excel at their workplaces from the get-go. “We have received a highly positive response from the industry for candidates, who get trained through our boot camps. We endeavour to train 1,00,000 candidates through our platform by 2023.”