The HR Fund (The Fund), India’s first human resources (HR) focused private investment company has announced its third investment in PiQube – a Chennai based HR start-up, which aims to disrupt the hiring industry by the use of analytics and machine learning. The HR Fund will be investing USD 500k and will also have board presence in the investee company.
The proceeds of the investment will be used by PiQube for primarily expanding its technology and sales team along with aggressive geographic expansion – both within India and the South East Asia.
PiQube’s unique approach first searches the entire Internet for candidate profiles allowing access to almost 100% of the employable population. Then, PiQube’s algorithm uses data patterns to identify the best matching candidates and provide a highly relevant set of candidates who could be interviewed .
PiQube was founded by Jayadev Mahalingam. Jayadev has an engineering background and worked with Infosys, for approximately four years before venturing out as an entrepreneur. PiQube was a winner of global payment leader PayPal’s ‘Start Tank Incubation Challenge’ in 2014 to identify and incubate the India’s s next generation tech startups. They are currently hosted at PayPal’s Start Tank incubator center in Chennai, where they receive technology support and mentorship
Jayadev, Founder & CEO, PiQube said, “The HR Fund with its deep expertise in the HR domain will help PiQube refine its product from a functional perspective. The investment will not only help us scale up and grow rapidly, but also we are confident that we will become the new benchmark for recruitment processes going forward.” He further added, “We are excited to have ‘The HR Fund’ as partners and look forward to growing the business together.”
According to Utkarsh Joshi, Principal, The HR Fund, “We are keenly interested in looking at the recruitment sector as we believe it is ripe for innovation. Over the years, a large chunk of processes in this segment have remained manual, leading to inefficiencies and high recruitment costs. PiQube has the technology and the team to provide new dimensions to how new-age recruitment processes should work.”
The Fund’s board and management team will be the advisors to the company, mentoring them with operational and strategic guidance – to lay a strong foundation for rapid future growth.