RedBus Co founder funds Venturesity for $250,000 as seed funding. Venturesity, a startup company based in Bengaluru is not typical company. The company does not believe in conventional listing of resumes. Venturesity terms it as ‘old fashioned’, organises virtual and on the ground hackathons to encourage and participate job seekers to show their talent to prospective employers.
Venturesity has developed online platform for discovering jobs, through challenges. They have provided the platform for companies to discover top talent through challenges that are real world projects that would help candidates to show up their skills to prospective employers and build credibility to their profiles. Most of these challenges are Hackathons, Code sprints, Code jams and Online contests.
The company hosts workshops, boot camps and other learning resources to help job seeker to get through the challenge. They organized 40 to 50 hackathons till now for their employers like Stayzilla, Ola, Hike, NewsHunt, MoveinSync, Craftsvilla, Perk, PayU and Housing.com.
Venturesity plans to make their popular hackathons worldwide by introducing the whole model online, through which coders from any part of the world can chip in them. The company has addressed the challenge of hiring; generally hiring practices involves long time and time intensive.
Venturesity was founded in 2013 by Prashant Koirala, Rajesh Rai and Subhendu Panigrahi. Prashant Koirala is one of the most leading serial entrepreneurs in startup world. He has graduated in Bachelor of Science in Finance from Robert H Smith School of Business affiliated to University of Maryland in 2003.
He started his career as summer intern in Corporate Finance Institute in May 2004. Prashant worked in the institute for small stint of 4 months and moved as Associate in New Markets Venture Partners. The company is a leading early stage venture capital firm invests in cutting edge information technology, educations and health care startups. He worked in the company for 10 months.
In May 2005, he joined as Analysts in American Capital Strategies, where he was involved in portfolio monitoring, valuation and due diligence. He worked with company for 13 months. Meanwhile he worked as Director of Entrepreneurial Partnership of Greater Washington from 2002 to 2008.
In 2010, he became Principal of Lexbridge International. The firm provides comprehensive investment banking services for mergers and acquisitions, corporate finance, strategic partnerships and joint ventures. He worked in the company for 13 months and moved to Business Development in Focus Investment Banking. He was involved in growing firm’s partnerships and originating deals. In January 2011, he became Acuitas Partners and in May 2011, he co founded Venturesity along with others.
Subhendu Panigrahi is co founder of Venturesity. He holds dual degree in Agricultural and Food Engineering from Indian Institute of Technology, Kharagpur in 2010. He started his career as Sub Head in the college competition called ROBOTIX. This event was spanned for 11 months. In 2007 he joined as Intern in Indian Institute of Management, Lucknow and in University of Denmark for brief stint of 3 months.
Subhendu was also coordinator for Entrepreneurship Cell; he managed the cell for 4 years. In August 2010, he became Shelf Life Engineer in Infratab Inc. He worked in the company for close 2 years where he worked on the products of the company. In November 2011, he co founded and curated Innovation Angels and May 2013 he co founded Venturesity.
Rajesh Rai is co founder and Director of Venturesity. He is an experienced global venture capital, corporate and entrepreneurial experience person. Rajesh has invested in several funds such India Innovation Fund, New Markets Venture Partners to name few. He is on board of Surewaves, Mitra Biotech, Sedemac, Shantani, Consure and Venturesity.
Rajesh is highly qualified person; he has graduated in Bachelor of Engineer from National Institute of Technology, Karnataka in 1993. He has post graduation in Indian Institute of Foreign Trade in 1996. Rajesh has done Masters in Business Administration from Robert H Smith School of Business, affiliated to University of Maryland in 2001. He attended Executive Program in Private Equity and Venture Capital conducted by Harvard Business School in 2006.
Venturesity saw first seed funding of $25K from Krishnan Kasturirangan and Rajesh Rai. On May 15, 2015 the company received angel funding of $270K from bunch of investors that includes redBus ex promoter Phanindra Sama, Jay Sethuram of Crestlight Ventures, Hemant Kanakia – Founder and CEO of Torrent Networking Technology and Srijan Capital’s Ravi Trivedi.
Phanindra Sama appreciated the company “Here, people exhibit skills in real time and get hired, and employers forget about resumes. I thought that was great, and wish we had that in RedBus.” Fresh funds will be used for updating in technology platform and expansion to other verticals and countries. The company want to triple their employee count.
There are few other startups in this segment making mark on their innovative approach such HackerEarth, HackerRank, Aasaan Jobs etc., few startups such as Hiree.com (formerly known as MyNoticePeriod.com) and SprinRole has raised fundings from leading PE investors.