Global recruiter exchange platform CBREX Technologies Pvt. Ltd has raised $1.1 million (approximately Rs 7.89 crore at current exchange rates) in a funding round, according to reports.
The company raised the capital from a group of undisclosed high net-worth individual investors, YourStory reported.
VCCircle has reached out to the company on the details of the investors and will update this report accordingly.
Gautam Sinha, co-founder and chief executive officer at CBREX, said the funds will be used for expanding its sales in the US, which is its leading market.
The firm also plans to appoint resellers, salespersons and management in the US and in other markets such as Europe, Japan, and Southeast Asia, including India, he added.
The company, which was founded in 2015, uses machine learning to connect jobs and suppliers and help hire professionals. It provides its services to both companies and temporary staffing agencies. The firm has offices in New York and Bengaluru.
Its clients have placed candidates across 17 countries including India, China, Malaysia, UK, Brazil, and Australia. It also runs a digital vendor management system (VMS) that automates the entire vendor supply chain by aggregating and curating recruiting firms in their areas of specialisation.
CBREX is the latest software-based hiring or recruitment platform to receive funding or strategic attention. In June, for instance, Indonesian unicorn Go-Jek acquihired Bengaluru-based artificial intelligence (AI) recruitment platform AirCTO. The startup previously raised an undisclosed amount in funding from former Nokia director Francesco Cara.
Other platforms that have raised money in recent times include software-as-a-service-based Skillenza, which in May raised $1 million (around Rs 7 crore then) in a pre-Series A funding round led by CBA Capital’s Education Catalyst Fund.
In March last year, data analytics firm Traxcn’s founder Abhishek Goyal and Flipkart executive Mekin Maheshwari picked up an undisclosed stake in Purple Quarter, which scouts for top technology executives.