Indorse Pte Ltd, a Singapore-based human resources tech startup, has received backing in the form of a US$6.5 million investment from Brand Capital, the ad-for-equity investment arm of media firm Bennet, Coleman and Company Ltd (BCCL).
As reported by VCCircle, Indorse utilizes its blockchain-powered platform to verify the skills, expertise and achievement of candidates seeking new roles, focusing initially on the coding segment.
Brand Capital will invest an initial US$2 million in Indorse via convertible notes and has the option to invest another US$4.5 million. For its part, Indorse will use the funding to expand into India, while also increasing demand for its services using the Times Group’s local media assets.
Gaurang Torvekar, co-founder and CEO of Indorse, said the investment by BCCL will help it build out its brand and become a reliable source for employers looking to fill roles. He also said the company’s platform was improving the quality of candidate appraisal while at the same time driving down costs related to the hiring process.
Indorse, which was founded in 2017 by Torvekar, David Moskowitz, Dipesh Sukhani and Avadhoot Kulkarni, employs a team of experts to verify the skills of its platform’s users. The company had raised US$9 million that year and received a S$450,000 investment before that from UK-based Coinsilium Group Ltd in a seed funding round.
Instead of equity, Brand Capital gives ad space across BCCL’s publications, including The Times of India and The Economic Times. Times Internet Ltd, another BCCL unit, acquires stakes in tech companies in media and entertainment.
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