YCombinator, Binny Bansal's firm, and others invest $2.5 mn in Bengaluru-based start-up HireSure

HireSure.ai, an HRtech platform that enables companies to leverage data in making more efficient compensation decisions, has raised $2.5 million in seed funding led by YCombinator and Binny Bansal’s Three State Capital. San Francisco-based Tribe Capital and Pioneer fund also participated in the round.

The Bengaluru-based venture plans to use the funds to strengthen the community, build new products and primarily scale up the engineering and product teams for product development.

Founded in 2019 by three graduates from IIT Kanpur - Anurag Dixit, Anshul Mishra, and Ramesh Konatham - the start-up uses real-time compensation benchmarking data to help companies make efficient compensation decisions and eliminate pay disparities.

The company has also announced the launch of CompUp, a full-stack compensation management platform that brings together all the compensation data and insights into one place.

The platform can be used by companies to compare, strategise, and communicate 'Total rewards' to their employees, and candidates.

Further, CompUp is launching ‘Compensation Insider’, a community where CHROs and reward professionals across sectors and companies can come together to share best practices around rewards and contribute towards building a global compensation platform that will make fair pay a reality.

“We believe that this problem of pay disparities can be solved only when companies come together to democratise access to real-time compensation benchmarks. This is the reason why 'Total Rewards' leaders of funded start-ups are coming together to form an invite-only community, with us,” said Dixit, co-founder, HireSure.ai.

HireSure aims to achieve pay parity by helping companies leverage data to make scientific and fair people decisions starting with compensation.

“As of now, compensation data is sitting in silos in multiple systems. Our product CompUp aggregates compensation data from multiple systems and comes up with insights to make better compensation decisions,” said Dixit.

For HireSure, India is going to be the first market as it is also the largest market for skilled workforce globally with market size worth $3 billion growing at a CAGR of 22 per cent.

Currently, the company has partnered with more than 200 funded start-ups in India including Meesho, Slice, Dream11, Apna, Porter, Dunzo, Khatabook, and Rapido. The aim is to partner with about 800 start-ups by end-2023 and then expand the offering to Southeast Asia and West Asia.