Delhi-based Youth4Work owned by Jagbros Consultants Pvt Ltd has raised $0.5 million (Rs 2.8 crore) in 'bridge capital' from Aurum Equity Partners, Global Asia Partners, and UK-based angel investor Dan Sandhu. Bridge funding, as its name implies, bridges the gap between a startup's current financing and the next level of financing.
Youth4Work is an online talent testing platform which offers pre-assessed talent-for-hire to companies in India and individual candidates are ranked accordingl. These pre-assessed profiles are made available to companies to make suitable hires.
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.
Youth4Work 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 currently claims to have 5 lakh users in more than 2000 cities globally and want to reach one million users in the next eight months.
"In a short span time of time 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 Bansal, founder, Aurum Equity Partners.
Aurum Equity Partners is a mid-market focused, transaction oriented, investment banking firm founded by Sanjay Bansal. Aurum advises clients on M&A, Divestitures, Fund Raising and Restructuring, focusing on sectors that are in the high-growth trajectory.
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