Gurgaon-based Pesto Tech, a career accelerator startup has raised seed funding of about $ 2 Mn led by Matrix Partners India with contributions from Swiggy Founders Sriharsha Majety, Rahul Jaimani and Nandan Reddy; Innov8 Founder Ritesh Malik; Posist Founder Ashish Tulsian and Jack Yeung of OIC Capital among others.
Founded in 2017, by Ayush Jaiswal, Country Head of Startup Grind India, and Andrew Linfoot, co-Founder of co-working space firm The Anvil, Pesto upskills Indian software engineers by offering 12-week bootcamp to make the engineers Silicon Valley-ready and pair them with the worlds top tech companies.
As part of the training bootcamp, software engineers with a minimum of two years of experience are connected to mentors in the US and trained in soft-skills.
Pesto’s hiring partners include Mimir HQ, Vaynermedia, Fossa.ai, Scale API, Embibe and Zinc.io
Rajat Agarwal, Vice President of Matrix India, shared in media, “Remote work is an early trend globally driven by a shortage of high-quality local talent, the rising cost of living in key technology hubs, and widespread adoption of enabling infrastructure. Pesto is on a mission to build a marketplace for quality remote talent from India and we strongly believe in their skilling led approach.”
Trainees at Pesto have to sign an income share agreement before joining the programme. Earlier, Ayush was quoted in media saying, “once the trained engineers earn over Rs 15 lakh per annum at a full-time remote job in an international tech company, they have to pay 17 percent of their annual income as training fee for the next three years, monthly.”
Starting this January, Pesto has launched a new batch every month and accepts students on a rolling basis.
In the same month, Matrix Partners India closed its Fund III with corpus of over $300 million and plans to continue investing in companies across seed, early-stage, Series A and B stages in different sectors.
In March, Matrix India, along with Tiger Global led the ~ $41 Mn funding round of Ola Electric Mobility, the Electric Vehicle (EV) unit of ANI Technologies that owns the home-grown cab-hailing firm Ola
Source – People Matters