In conversation with Anil Agarwal, CEO & Co-Founder of InCruiter
- Please tell us how you came up with the idea to launch this platform and take us through your initial journey.
Our platform’s inception dates back to 2018 when we, under the name ‘The Interviewer,’ embarked on a mission to revolutionize the hiring landscape by providing technology-driven interview solutions to businesses. This vision stemmed from a personal need as both my partner, CA Ritu Mathran, and I sought a service that could deliver both quality and quantity in the interview process. Unfortunately, our search yielded no satisfactory results, compelling us to take matters into our own hands and lay the foundation of our startup. Fueled by an unwavering determination, we initiated this journey as a bootstrapped enterprise.
In 2019, our expansion began, and with it came the rebranding of our platform as InCruiter. In its early stages, we had a modest presence, consisting of 250+ interviewers and 20 clients. However, our dedication and commitment propelled us forward, resulting in a remarkable growth trajectory. Today, we take pride in a thriving team of over 60 dedicated employees, and our pool of interviewers has seen exponential growth, surpassing 3000+ with a steady stream of 1000 additional interviewers.
A turning point in our journey was our entry into the United States (US) market, driven by the soaring demand for our flagship product, Interview-as-a-Service (IaaS). In the US, we found the demand for IaaS to be tenfold compared to India, presenting an exciting opportunity to cater to a global audience. This realization further fueled our ambitions to expand internationally, and within a span of fewer than five years, we successfully established our global footprint.
As we continue to make strides in the US market, we are also setting our sights on broader horizons. Our expansion plans include venturing into other promising international markets such as Dubai, Singapore, and Canada. With our proven track record of success and a product with vast potential, we are confident in our ability to make a lasting impact on a global scale.
- Please tell us about the tech innovations that you have implemented for the greater benefit of the organization and how it impacts the overall hiring process.
Over the past few years, we have undertaken numerous technological advancements aimed at streamlining our hiring process for improved efficiency and convenience. Some noteworthy implementations include AI-powered Applicant Tracking Systems (ATS) to enhance candidate management, skill assessment tools for better evaluation, digitized mapping for improved organizational structure, and state-of-the-art video interview software facilitating seamless virtual interactions.
These tech innovations have significantly impacted the overall hiring process, ensuring smoother operations and enabling HR teams to effortlessly shortlist candidates while effectively tracking their progress through the pipeline. By reducing manual intervention and automating repetitive tasks, our technological solutions empower HR professionals to focus on strategic decision-making and engaging with top-tier talent.
- How does AI & ML help employers to make smarter choices in hiring talent, and how do organizations benefit from this innovation?
The integration of AI and ML has ushered in a transformative era in the domain of hiring, enabling employers to make more informed and astute hiring decisions. By leveraging AI-driven tools, employers now enjoy enhanced candidate selection processes, automated resume screening to identify the most suitable profiles, advanced video, and language analysis for assessing communication skills, and even identification of impersonation attempts during interviews, among other capabilities.
This innovative approach holds significant benefits for organizations. Firstly, it expedites the hiring process, reducing both time and cost. Secondly, it facilitates a global reach, enabling organizations to tap into a vast and diverse talent pool. Additionally, AI and ML integration helps mitigate unconscious biases, ensuring fairer evaluations and fostering diversity and inclusion. Lastly, the seamless automation and centralization of hiring data streamline administrative tasks, freeing up resources for strategic talent acquisition endeavors.
- What is the business revenue model of InCruiter and its future expansion plans?
Our current revenue model at InCruiter is based on a per-interview basis, wherein clients pay for the number of interviews conducted, along with additional charges for any specialized services or software customizations. Moreover, we offer optional services for company branding to further enhance our clients’ hiring efforts.
As for our future expansion, we envision a global presence for InCruiter. Presently, we are actively establishing ourselves in key international markets, including the USA, Singapore, and Dubai. By broadening our reach across borders, we aim to serve a more extensive clientele and cater to diverse industry demands, solidifying our position as a leading player in the interview solutions landscape.
- Please tell us about your recent funding and what makes investors bullish about InCruiter.
Recently, we secured a notable debt funding of Rs 2 million from the Government of India, availed through the esteemed Startup India Scheme. This financial boost is propelling us toward realizing our vision of global growth and expansion.
Investors are bullish about InCruiter for several compelling reasons. Firstly, our unwavering commitment to delivering top-quality service sets us apart in the industry. Secondly, the successful implementation of cutting-edge technologies like AI and ML has demonstrated our ability to stay ahead of the curve and embrace innovation for improved efficiency.
Moreover, our impressive track record of growth, transitioning from a modest team to a thriving workforce, showcases our potential for scalability and long-term sustainability. Investors recognize the value we bring to the hiring landscape, making us an attractive and promising investment opportunity.
