Employment portal OnContract.com, which started operations just a little more than a year back, has secured undisclosed funding from Ronnie Screwvala promoted investment firm Unilazer and Vishal Gondal promoted investment firm Fact. This is the second round of funding for OnContract (earlier known as StaffonContract.com). In the earlier round, Gondal had committed around Rs 50 lakh in the company . Of that amount, he put an undisclosed first tranche and this is in continuation to his earlier commitment to OnContract, Gondal stated.
Started in January 2011, the portal brings together employers and staffing companies and help hire individuals on a contract basis. Though the quantum of funds raised in this round remain undisclosed, at the time of last funding we learnt from Chetan Indap, founder and CEO of OnContract, that the company would soon be looking to raise the next round to the tune of $1.5 million. However, this latest round, he said, was not yet series A, but another early-stage round.
A B2B portal, OnContract.com also offers registration facility for individuals looking for work on a contract basis. Currently, it has around 2,000 registered members and 5,400 staffing companies.
“This round of funding will mainly go for marketing the product and enhance the traction we have built till now. We will also be adding new features to our product, wherein we aim to make it more interactive,” said Indap to techcircle.
“It is a very interesting space. All companies in future will take on this trend of hiring on contractual basis,” said Vishal Gondal, founder of Indiagames.
The portal recently changed its name from StaffOnContract to OnContract. “We realised that firstly the URL was far too long and also we are not restricted to just staff, so we decided to rebrand the product,” Indap added.
He said sales & marketing, admin-related jobs and information technology are the three most popular sectors in contractual hiring as of now.
(Edited by Prem Udayabhanu)