IDG Ventures India, the venture capital affiliate of IT media company International Data Group, exited India-based recruitment platform Hiree on Monday through an acquisition by online classified listings company Quikr.
Founded as MyNoticePeriod, Hiree runs an online platform for white-collar job recruitment, particularly in the IT industry, with some four million candidates listed. The price paid by Quikr, which will integrate Hiree into its QuikrJobs unit, was not disclosed.
IDG Ventures India led the company’s $330,000 seed round in 2014 and returned to lead its $2.9m series A in February 2015. However, Hiree had drastically reduced its staff in 2016, from about 120 at the start of the year to between 10 and 15, according to Indian tech news source Inc 42.
Pranay Chulet, founder and CEO of Quikr, said: “We launched QuikrJobs with an aim to bridge the gap between Bharat and India for the recruitment industry. We have created a successful business model there and it’s now time to level-up. Speed is in our DNA and Hiree’s offerings aimed at shortening recruitment cycle times is a great match with that.”