Mumbai, India. 22nd Dec 2021 (GNI) : Monster.com, a Quess company, and one of the India’s leading online talent platform, today announced that it has raised INR 137.5cr in a funding round led by prominent industry leaders – Akash Bhanshali (Volrado Venture Partners) and Mohandas Pai (Meridian Investments) with participation from Quess. Post the funding round the company is valued at close to USD 100 million. The current close has been done at INR 112.5 crore with an option built-in to expand the round to INR 137.5 crore.
The funds raised will be utilized towards enhanced investments on Product Development & Marketing in India, SEA and Middle East markets. This investment will help Monster.com evolve from a Job-board into a Talent Platform delivering full stack experience for both candidates and companies.
Speaking about the fund raise, Mr. Sekhar Garisa, CEO – Monster.com, APAC & ME said, “We are very excited about the market opportunity in talent acquisition as people become the most important currency for every business. The last year has been incredible for the company, achieving very healthy growth across all metrics. We have an exciting product and business road map in line with our view on how hiring will evolve in the next few years. The participation of visionary investors with long term outlook is a tremendous vote of confidence in Monster’s ability and vision in building India’s premier talent market place platform.”
In 2018, Quess Corp acquired Monster.com’s businesses in India, Singapore, Malaysia, Philippines, Hong Kong, Vietnam, Thailand, Indonesia, UAE and Kingdom of Saudi Arabia as a strategic investment to strengthen its HR services portfolio by establishing end-to-end offerings across the Employee Lifecycle Management space. Quess’ market leading presence in turn offered Monster the opportunity to enhance its capability by building and implementing innovative technology platforms to gain edge over competition.
Mohandas Pai said, “Monster.com is poised to redefine the jobs market by building tech workflows that puts the candidate at the center of the universe of innovation and possibilities. The next 2 years will see a huge increase in available jobs, thanks to high economic growth, and job seekers will find a high quality platform to plan their careers here. As employers also prepare for a new decade and an employee-first mindset, the platform will help them create a differentiated experience and build deeper relationships with their teams from day one. Meridian Investments is proud to partner with Monster.com in this exciting and important vertical.”
Monster.com today has over 60 million active users in India. The business, which also has a presence in SEA and Middle East markets, has launched several product innovations over the last three years to improve the experience of recruiters as well as job seekers. The company’s consistent efforts in improving platform experience has helped it achieve significant growth across key business metrics like Sales (60% growth YOY), Customer Retention (70% growth YOY) & Active User Base (170 % growth YOY) etc. Key health indicators like recruiter searches and consumption have also shown over significant improvement.
Speaking on the occasion, Mr. Ajit Isaac, Executive Chairman, Quess Corp, said, “When Quess acquired Monster for an investment of INR 145 crore, we embarked on a ‘Digital First’ journey with the objective of creating long term value for our shareholders and clients. This investment represents the validation of progress that has been made by the team and the capital infused will accelerate the transformation towards building Monster into a category defining company.”
About Meridian Investments Meridian Investments is the Investment office of Mohandas Pai that allocates to direct investments in listed and unlisted companies, as well as asset allocation across classes such as venture capital, private equity, credit, and more.
About Volrado Venture Partners Fund Volrado Venture Partners Fund II, is a SEBI registered Fund, with Mr. Akash Bhanshali as its sponsor, is managed by Enam Holdings.
Enam Holdings, amongst India’s largest and most reputed family offices, makes long-term investments in listed companies, as well as backs entrepreneurs building valuable private companies. Enam works closely with the owners and senior management of businesses that they invest in, staying focused on long-term value creation. While Enam employs fundamental, bottoms-up research to identify companies with sustainable competitive advantages and execution capabilities, they are extremely focused on the quality of management teams and governance frameworks of the companies they invest in.
About Quess Corp Established in Bengaluru in 2007, Quess Corp Limited (BSE: 539978, NSE: QUESS) is India’s leading business services provider – that leverages its extensive domain knowledge and future-ready digital platforms to drive client productivity through outsourced solutions.
Quess provides a host of technology enabled staffing and managed outsourcing services across processes such as sales & marketing, customer care, after sales service, back office operations, manufacturing, facilities and security management, HR & F&A operations, IT & mobility services etc. Quess has a team of ~401,000 employees, serving ~3,000 clients across India, North America, APAC and the Middle East as on 30th September, 2021.ends
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