Virtual interaction platform CoffeeMug is facilitating senior-level hiring; here's how

With artificial intelligence-based hiring gaining momentum, CoffeeMug, which started as a warm introduction platform, is now facilitating senior-level hiring and funding start-ups. This virtual interaction start-up has launched Talent Solutions Platform, for facilitating senior-level hiring and has already onboarded over 35 clients across India, US and Singapore, including names such as Lenskart, Licious, Gaana, Haptik, Klub, Sugarbox, and Gameskraft. Coffeemug aims to onboard 150 companies and aims to clock $3 million in revenues by the end of FY2022-23.

This source-to-hire talent intelligence platform is powered by the open web, an AI-based matchmaking engine and insights from the CoffeeMug community. The platform scans millions of public profiles available on the Internet, and layers them with behavioural insights from their data pool to drive senior-level hiring for its clientele. With the launch of Talent Solutions focused on senior-level hiring, this start-up plans to tap into the $20 billion annual global senior hiring market.

"Lenskart has been working closely with the CoffeeMug platform for our senior-level hiring needs as a partner and our first port of call, especially in the engineering and product domain. We have firsthand experienced the team's capability to move fast with our ever-evolving hiring needs powered by their backend hiring engine, and it has delivered phenomenal results for us,” said Ramneek Khurana, co-Founder, Lenskart.

Other than facilitating senior-level hiring, Coffeemug has also helped a few companies raise funding.

“We have closed about 6+ transactions in the cumulative range of $5-7 million. We helped Thisday.app (Ekank Technologies), a vernacular storytelling platform, raise $1 million as seed funding. We connected  ‘Thisday’ founders to its investors 9Unicrons and, Archana Priyadarshini, an active angel investor in the Indian start-up ecosystem,” points out Abhishek Sharma, co-founder and CEO, Coffeemug.

While CoffeeMug doesn’t exactly help start-ups source funds but if any user shows interest in funding, they connect with the right investors over their platform.  In this case, the company receives a 2 to 3 per cent commission once any user closes a funding deal on their platform. And if any start-up closes a million-dollar, it will be around 5 per cent, says the company.

Since its inception in 2020, the platform has 2,50,000 professionals, investors, and business leaders, and had raised pre-seed funding round of $650,000 from Paradigm Shift Capital, Angel List in June 2021. But CoffeeMug is not alone. An increasing number of start-ups are focusing on social networking for hiring and exchange of ideas. Founded in 2017 BlueCircle, for instance, is a social networking platform for C-suite executives and senior management that aims to foster connections, conversations, and exchange of ideas across sectors. LunchClub, a California-based company offering an AI-enabled networking platform, has made successful inroads into India as well through their office in Bengaluru.

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