Online talent testing platform Youth4Work raises $500K from Aurum Equity Partners, others
Delhi-based Jagbros Consultants Pvt Ltd, which operates under the brand Youth4Work, an online platform that offers pre-assessed talent communities to companies to engage and make hires, has secured $500,000 (around Rs 2.8 crore) in funding from city-based investment banking firm Aurum Equity Partners, with participations from US- and India-based PE firm Global Asia Partners (GAP). Aurum founder Sanjay Bansal and Indian Angel Network member Dan Sandhu also co-invested in their personal capacity.
The startup will use the funds for marketing and enhancing the user experience. A portion of the capital will also go towards improving its mobile platform and team expansion.
The company was founded in 2012 by Rachit Jain, who holds a B Tech degree in Manufacturing from National Institute of Foundry & Forge Technology (Ranchi). He had earlier worked at Mahindra.
Youth4Work is a platform where individuals showcase their talent and skills that are tested and ranked. It assesses people by way of online multiple-choice questions that gauge a person's proficiency in particular skills. These pre-assessed profiles are then made available for companies to make suitable hires.
The platform also helps companies engage people with specific skill-sets for specific activities.
Youth4work claims to have 5 lakh users currently. Its clients include Microsoft, Adobe, Mahindra and Aon Hewitt.
"In a short period, they have grown to a half a million user base with a tested business model and created a community which today can either become a large youth LinkedIn community or a vocational play and could go either way. Without any marketing dollars to grow this user base manifold, in a business where cost of customer acquisition is so heavy, is a great achievement," said Sanjay of Aurum.
Aurum is a sunrise-sector focused, investment-banking firm. It advises clients on M&A, divestitures, fundraising and restructuring, focusing on sectors that are in the high-growth trajectory.
GAP helps companies in business development and M&A by making PE investment and providing advisory services in planning, funnel creation and financial evaluation. It focuses on early-stage wireless technology companies, firms in light manufacturing, distribution, telecommunications, healthcare and outsourcing.
(Edited by Joby Puthuparampil Johnson)