mynoticeperiod

Bangalore based recruitment startup myNoticePeriod.com announced that it has raised over 2 Crores in Seed Round funding, led by IDG Ventures India. Other investors include Prashant Kirtane, CTO and co-founder of travelmob.com, Shamsunder Talreja, owner of JetSet Capital, Raghu Krishnananda, former Yahoo engineering leader, and Ravi Gururaj of Frictionless Ventures.

Mynoticeperiod.com launched in December is incubated at Nasscom's 10000 Startup Warehouse has a database of over 32,000 job seekers serving their notice periods and 800 recruiters accessing the database. This is the fastest VC driven seed fund raise by a warehouse startup.

As part of the transaction, Venkatesh Peddi, Vice President, IDG Ventures India, will join the Board of Directors of myNoticePeriod.com. The company will use the fund to strengthen the team, scale up revenues and invest in deepening technology that will deliver even higher level of hiring efficiencies to customers.

mynoticeperiod founders "myNoticePeriod.com has revolutionalized how hiring is done. Our customers are able to identify and hire candidates 20x faster. This investment validates our strategy and will help us deliver greater value to our customers" says Manjunath (ex-Yahoo, IIMK), CEO of myNoticePeriod.com. "Our product allows a lean hiring team to pick ready to join candidates quickly. The portal serves jobseekers well because they get to choose the best offer" adds Abhijit Khasnis (ex-Yahoo, BITS), COO of myNoticePeriod.com. myNotiecPeriod.com's innovative approach also ensures better candidate matching through its patent-pending proprietary algorithm and captures unique information like jobseeker's best offer salary and title.

"We have recently started Seed Investment Program at IDG Ventures and MyNoticePeriod.com is one of the early investments from this program. For seed investments, we essentially look at strong teams, large market and disruptive ideas, and MyNoticePeriod.com met all the requirements. The team at myNoticePeriod.com has a path-breaking business model and we are pleased to support them in building a leading brand that stands for rapid hiring supported by differentiated technology" said Venkatesh Peddi, IDG Ventures.

"The myNoticePeriod.com team is extremely focussed and talented. They are going after a big market with an innovative offering which is resonating well with large customers. The early traction has been impressive and I look forward to helping them build up a substantial and profitable business" said Ravi Gururaj, who is now formally coming onboard as an advisor to the company.

MyNoticePeriod.com's service is free for job seekers, but there is a subscription fee for recruiters . Recruiters get the advantage of accessing the full database for Rs 10,000 a quarter and also have the option of paying Rs 5,000 for a one-month subscription.

The startup is looking to expand base to Europe because the waiting periods there extend up to six months and the startup has also filed a patent with the India Patent Office for their technology.

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