Job advertising technology platform Joveo has been clocking significant growth in business, including from India, and expects to invest about Rs 180 crore by December next year to expand its team in the country, a top company executive said.
Joveo provides programmatic job advertising solutions to corporates, recruitment agencies and recruitment process outsourcing providers. Its technology helps companies diversify their media mix and create actionable insights about what sites, which ads and placements are working, enabling companies to not over for quality job ads.
"We have 100-plus in India and we would continue to make investments... There is a lot of focus that we have to continue to hire in India for ourselves... By the end of next year (December 2022), we would have invested Rs 180 crore from now," Joveo founder and CEO Kshitij Jain told PTI.
The company has raised $17.5 million in funding till date and is backed by investors like Nexus Venture Partners.
Jain said India and Asia Pacific (APAC) is a relatively newer region for the company and accounts for about five per cent of its revenues.
"We get about 60 per cent of our revenues from North America, which is where we started. Europe, where we started a year and half back, today accounts for about 35 per cent of our revenue. However, in terms of growth it is the opposite - APAC and Europe are the fastest growing regions for the company," he added.
While he did not disclose the revenue numbers, Jain said the Asia Pacific market contribution is set to double by the end of the year.
"By the end of the year, we expect APAC - which is literally India as we don't have a presence in China, Japan or Australia - to get to 10 per cent. Europe will most likely get to about 40-50 per cent and US region would be the rest," Jain said.
Joveo's customers in India include Tata Consultancy Services, HCL Technologies and Hinduja Global Solutions among others. Globally, it works with organisations including Adecco, HealthTrust (a subsidiary of HCA Healthcare), Randstad, Bristol Myers Squibb, FedEx, Wells Fargo, Northrop Grumman, Monster, JobCloud, Nurse.com, and others.
The top job types powered by the platform includes warehouse workers, customer service representatives, restaurant and food jobs (food preparation workers, waiters, servers, and bartenders), gig economy jobs, delivery drivers, registered nurses, software developers, cashiers and tellers among others.
Jain noted that India is a big opportunity, and the company will look at expanding its presence in Southeast Asia and beyond next year.
"Right now, it is India...we have presence in India - sales, customer success and engineering (operations) - our reach, in terms of sourcing, is effectively there for all of the geographies including Southeast Asia, Australia and so forth. So any Indian company wanting to hire in Australia, Southeast Asia or Middle East or anywhere in the world can be easily done," he said.
He added that by the end of this year (December 2021), Joveo's monthly net revenue run rate for its India business will have grown by 20X compared to January 2021.
Jain said the ramp up in demand for IT talent presents a growth opportunity for the company.
"It (high demand) is actually a good thing for us because it's very competitive, and demand and supply is such that they're willing to pay higher for the same talent that they were willing to pay earlier," he added.
Asked about profitability, Jain said the company is looking at sustainable profitability from this month onwards.
"...Given the state of the business and sustainable profitability, I think from August onwards we will be sustainably profitable, and that will only get better by the end of this year," he added.
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