Hiring platform Fountain raises additional $100 mn, forays into India
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Hiring platform Fountain on Thursday forayed into the Indian market after raising additional $100 million post its Series C round, bringing its total funding to $185 million.
The hiring platform said that it will enable companies to find and hire the right people faster in India with its mobile-first, automated and high-volume hiring solutions.
The latest funding round was led by B Capital Group, joined by SoftBank, Mirae Asset Venture Investment, DCM, Origin Ventures, Commerce Ventures, SemperVirens Venture Capital, Uncork Capital and others.
"We at Fountain are determined to support the Indian market for blue and gray collar work," said OmPrakash Muppirala, VP of Engineering and Head of Fountain India.
Fountain said it plans to invest a significant amount of its capital into high volume hiring in the country, including the development of an AI/NLP-enabled chatbot, messaging and automation-related products.
The platform is currently in the process of setting up a remote-first Center of Excellence (CoE) based in the country, with functions such as R&D, support and operations, sales, and marketing.
Fountain's recent success with a large e-commerce company, which operates in India, has seen fantastic results within six weeks of going live, with an increase in the applicant-to-interview show rate jumping from 10 per cent to 40 per cent (4x increase) and offer rate from 34 per cent to 68 per cent (2x increase).
Both of these contributed to a 3 times increase in the number of hires with a reduced time-to-hire by 50-60 per cent.
The Fountain has more than 230 people working across the globe, including the US, the UK, Spain, India and New Zealand.
The company said it aims to use the funds to further accelerate growth by rapidly expanding internationally to additional European and Asian countries, as well as offering the platform in multiple languages.
"We are excited to serve the Indian market in the high volume hiring space," said Sean Behr, CEO, Fountain.
Hundreds of customers have used Fountain's solutions to hire over 3 million workers annually in more than 75 countries.
