Instahyre: Hiring made less of a job through use of AI
Instahyre is an advanced hiring platform based on artificial intelligence which enables recruiters to hire talent effortlessly. Instead of a recruiter spending hours applying filters to search for the right candidates and then checking if they are interested, the AI-based platform provides them with a curated list of candidates from a premium database.
Bolstered by its success in the marketplace, Instahyre has announced plans to grow 3x in employee strength (from 80-100 at present to 250) and increase revenue by 4x by the end of this year. The expansion will be a part of the company’s strategic move to onboard 20,000 accounts ranging from enterprises to mid-market SMBs, serving a candidate base of 80-90 million.
“Instahyre is the top platform for technology and non-technology hiring by internet companies,” says the company’s co-founder, Sarbojit Mallick. It has launched pilots with Amazon, Walmart, Cargill, Freshworks and many other enterprises to test its technology, with the 700+ test runs allowing it to deliver cost savings of 95% compared to the existing solutions in the market, primarily manual sourcing and keyword-based legacy systems, he added.
“We are building a full suite of sourcing products to help our clients. Instahyre Drives, which allows companies to conduct and manage hiring drives, is very popular among enterprises,” Mallick said.
The AI-based advanced hiring platform also furthers companies’ horizontal expansion by helping them acquire more clients. “There is absolutely nothing in terms of the product or technology that prevents us from being a horizontal play. In fact, we have always wanted to expand horizontally to all white-collar roles. We are gearing up to start catering to the IT services industry, drastically increasing our good market in the next couple of years,” he added.
The company has recently released tools like Instahyre Scheduler to schedule meetings and provide automated personalised reminders and Instahyre Talent Insights to scan the talent landscape for any role across any geography. Instahyre has also used AI and ML to build InstaMatch – a proprietary technology that mimics a human recruiter and learns from the user’s actions.
On growth path
Firm moving to onboard 20,000 accounts, serving a candidate base of 80-90 million
It aims to increase revenues by 4x by the end of this year
The platform delivers cost savings of 95% compared to existing solutions in market