Online hiring platform Relevel announced it has secured $20 million from its parent company and EdTech unicorn Unacademy.
The fundraise comes within four months of the launch of Relevel, on the back of strong traction witnessed in user growth, hiring company partnerships, and placement rate, according to a press statement.
The fresh capital will be utilized for scaling up the Relevel team, strengthening the platform, and expanding the suite of tests to improve the variety of job offerings.
Founded in May 2021 by Shashank Murali, Saksham Keshri, and Prakash Kumar, Relevel is a hiring platform that empowers job-seekers to showcase their skills through tests and get their dream job within 15 days. The platform currently has over 2.35 lakh users and claims to have a 100 percent placement rate of users who have qualified in the tests. It currently has 64 active companies across sectors that have interviewed candidates on the basis of the tests.
Relevel gives companies easy access to source and select the best of candidates, pre-assessed on their aptitude, competencies, and skills. It currently conducts three tests including frontend development, backend development, and business development. They are all conducted within a day. Selection rounds are designed to assess all skills required for the role in contention. Users go through MCQ-type tests, algorithmic tests, case studies, and at times they are even required to build a mini-app. The final round of each test is a live interview conducted by an industry expert.
Relevel claims that around 60 percent of users who have received job offers through the platform are freshers and experienced users who have got placed through the platform have received offers with up to a 150% pay hike. The company further claims that most of its users who have secured jobs are from Tier II and Tier III cities in the country.
Among the companies that have partnered with Unacademy’s Relevel are startups such as upGrad, hyperlocal services unicorn Urban Company, marketing automation platform WebEngage, fintech startup Razorpay, Moengage, LeadSquared, SuprDaily among others.
Unacademy's Relevel competes against the likes of skill assessment and counseling platforms such as AugLi, WheeBox, HackerRank, Scaler Academy, Rekrut India apart from traditional Linkedin, Naukri.com, Indeed.com, and others.
Unacademy, founded in 2015 by Gaurav Munjal, Hemesh Singh, and Roman Saini, Unacademy, currently has over 50,000 registered educators and more than 62 million learners. The startup offers learnings in 14 languages across 5,000 cities.
The Bengaluru-based EdTech major had raised $10 million in its ongoing Series H round from Zeta founder Bhavin Turakhia and Dragoneer Investment Group last month. It has raised $440 million in its Series H round led by Singapore-based Temasek at a valuation of $3.44 billion.