StoryTech Pvt Ltd, which runs artificial intelligence-backed recruitment startup Workruit, on Monday said it has secured pre-Series A funding of $500,000 (around Rs 4 crore) from the US-based family office of Kantamaneni.
The firm plans to use the fresh funds to scale its product, expand operations and boost customer acquisition.
Founded by Manikanth Challa in 2017, Workruit is a platform that enables faster hirings for both employers and job seekers. It aims to expand its recruitment platform in the US by the first quarter of 2023 through support from strategic investors.
"The investment establishes a strong strategic partnership that will propel Workruit into its next growth phase and will enable us to capitalize on the numerous opportunities that we see ahead of us," said Challa.
Workruit says that its employers’ portfolio includes Just Dial, Byjus’, HDFC, Fortune Group and Reliance Group, among others.
Gurugram-based e-commerce marketplace OhLocal has secured an undisclosed amount of pre-seed funding from a host of marquee angel investors and venture capital funds.
Some of the investors who participated in the round included Sunil Kumar Singhvi from JITO Angel Network, Harish Menon, Puneet Verma, Partner at Aquilo LLP and Sahil Goel, Co-Founder and Managing Partner of MiH Ventures.
The firm will deploy the fresh proceeds to accelerate its serviceability, build team and further strengthen its brand partnerships.
Founded in October 2020, OhLocal is an AI- enabled smart bidding platform connecting local buyers and sellers on a real-time basis. It claims to have partnered with over 800 sellers across five cities in India, and has generated approximately Rs 5.2 crore with over 2,000 ads running on its platform.
“This funding round will enable us to provide OhLocal’s partnered sellers a more robust platform while also helping them to run ads, manage their inventory, insights through analytics and increase their business margins by up to 20 per cent. Not just will the investment help us at OhLocal in external and internal capacity building, but also aid us in team-building, tech and product optimization,” said Devashish Goyal, Founder and CEO at OhLocal.
The startup had raised pre-seed funding in 2021, led by India Accelerator, and had plans to invest in product development, grow its merchant base and expand in metro as well as non-metro cities.
