Existing investors Sequoia Capital, Lightspeed Venture Partners, Greenoaks Capital and Rocketship VC also participated in the latest fundraise.
The two-year old startup has been valued post-money at $570 million, up five times from its previous round three months ago
when it raised $12 million. The Bengaluru-based company has received a total of $20 million from existing investors in the last 6-8 months.
Nirmit Parikh, founder and chief executive officer, Apna.co.
This has been due to its aggressive growth over the past year, Apna.co founder and chief executive Nirmit Parikh told ET. According to him, Apna.co has grown around 50 times over the last one year, leading to the significant markup in its valuation.
“There is a strong investor confidence because of the journey of Apna to market leader from a challenger and the growth we have seen. We want to use the new capital to rapidly grow across the country. We also want to heavily invest in our skilling products, besides continuing to build a great team,” Parikh said.
Apna.co is witnessing on average over 1 million jobs being posted on its platform, ranging from a beautician, carpenter to a graphic designer. It’s currently in 14 cities and expanding into four new centres in India per month to cater to a spike in demand from small businesses in non-metros.
The platform has more than 10 million candidates and over 100,000 employers, Parikh said. It also has a peer-to-peer network among the job seekers on its platform, helping them reskill and upskill. Zomato, TeamLease, Quess Corp and Urban Company are some of the companies that have used Apna’s platform to recruit people.
Apna.co typically charges a fee from recruiters for enabling hiring through its platform.
“We are building and experimenting with a new platform to address the skill gap. On monetisation, we have run experiments. We also have an onus on restarting the economy, so we are extending our service free to recruiters as well as candidates on the skilling side for the next couple of months,” Parikh said.
The startup is looking to explore markets like the US and Southeast Asia next year.
“Apna’s product-led approach to a globally relevant problem makes it infinitely scalable. Apna’s focus on digitising the process of job discovery, application and employer candidate interaction has the potential to revolutionise the hiring process,” said Griffin Schroeder, partner at Tiger Global.
Parikh said the number of openings is increasing compared to the past few weeks as more states open up after months of lockdown-like guidelines. “Logistics, e-commerce and medicine jobs are on the rise. That’s been a trend over the last couple of months,” he said.