Monster.com, a Quess company, and one of India’s leading online talent platforms has raised Rs 137.5 Crore in a fresh round of funding co-led by Akash Bhanshali’s Volrado Venture Partners and Mohandas Pai’s Meridian Investments with participation from Quess. Post the funding round the company is valued at close to $100 million.
The current close has been done at Rs 112.5 crore with an option built-in to expand the round to INR 137.5 crore.
The funds raised will be utilized towards enhanced investments in Product Development & Marketing in India, SEA, and Middle East markets. This investment will help Monster.com evolve from a Job-board into a Talent Platform delivering a full-stack experience for both candidates and companies.
Speaking about the fundraise, Sekhar Garisa, CEO – Monster.com, APAC & ME said, “We are very excited about the market opportunity in talent acquisition as people become the most important currency for every business. The last year has been incredible for the company, achieving very healthy growth across all metrics. We have an exciting product and business road map in line with our view on how hiring will evolve in the next few years. The participation of visionary investors with long-term outlook is a tremendous vote of confidence in Monster’s ability and vision in building India’s premier talent marketplace platform.”
In 2018, Quess Corp acquired Monster.com’s businesses in India, Singapore, Malaysia, Philippines, Hong Kong, Vietnam, Thailand, Indonesia, UAE, and the Kingdom of Saudi Arabia as a strategic investment to strengthen its HR services portfolio by establishing end-to-end offerings across the Employee Lifecycle Management space. Quess’ market-leading presence in turn offered Monster the opportunity to enhance its capability by building and implementing innovative technology platforms to gain an edge over the competition.
Commenting on the investment, Mohandas Pai, Partner at Meridian Investments said, “Monster.com is poised to redefine the jobs market by building tech workflows that put the candidate at the center of the universe of innovation and possibilities. The next 2 years will see a huge increase in available jobs, thanks to high economic growth, and job seekers will find a high-quality platform to plan their careers here.”
“As employers also prepare for a new decade and an employee-first mindset, the platform will help them create a differentiated experience and build deeper relationships with their teams from day one. Meridian Investments is proud to partner with Monster.com in this exciting and important vertical,” Pai added.
Speaking on the investment, Ajit Isaac, Executive Chairman, Quess Corp, said, “When Quess acquired Monster for an investment of INR 145 crore, we embarked on a ‘Digital First’ journey to creating long term value for our shareholders and clients. This investment represents the validation of progress that has been made by the team and the capital infused will accelerate the transformation towards building Monster into a category-defining company.”