Mumbai Angels, a private investment company based out of its namesake Mumbai has successfully raised $2 Million. In a funding round done for the start-up TurboHire, the company managed to get the funds in order to utilise them for various purposes.

According to a Business Standard report, TurboHire, a recruitment automation platform will benefit from this funding done by Mumbai Angels. While the pre-series A investment round was co-led by Pentathlon VC and the Chennai Angels, the funding round also saw the participation from T-Fund, Purvansh Holdings, Mumbai Angels and Hyderabad Angels and some other global investors like Samir Khosla and Francisco Arcilla. 

As per the report, the funding will be used for improving TurboHire’s product and working on its revenue contribution from global markets. It mentions that the recruitment automation start-up has a compounded monthly growth rate (CMGR) of 20 per cent and makes international deals 25 per cent of its total revenue. 

“The team at TurboHire works everyday on creating the future and this round is a testament to the investors’ belief that TurboHire is on its way to build and lead the Recruitment Automation Software category globally,” says Deepak Agrawal, co-founder and CEO of the company, as quoted in the Business Standard report.

The Mumbai-based recruitment automation start-up was founded in 2019 and claims to have more than 130 companies as clients the world over. It’s functioning combines resume intelligence, recruitment automation and workflows in an easy-to-use user interface. The company also said that its technology ensures accuracy in candidate selection and reduces the cost and time spent on hiring, especially to the tune of 65 per cent and 78 per cent respectively.