Blockchain-driven startup Indorse secures $6.5 million to expand business in India

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Indorse, a skills verification startup, based out of Singapore has raised $6.5 million (approx ₹45 crore) from Brand Capital. The startup will use the fresh capital to expand and build its business in India.

“By leveraging the experience of human experts across the world, Indorse provides companies with reliable and actionable insights about candidates. We are raising the bar in terms of quality appraisal of tech talent, while substantially reducing the direct and indirect costs of the hiring process. Candidates can benefit from ‘indorsement’ by proving they can do the job they’re applying for — regardless of their CV’s content,” Gaurang Trovekar, CEO and co-founder at Indorse, said.

Indorse was co-founded by Gaurang Torvekar, Avadhoot Kulkarni, David Moskowitz and Dipesh Sukhani in 2017 in Singapore. The startup helps businesses evolve from sorting through hundreds of applicants to making informed hires within days, using a shortlist of candidates proven to have the right skills for the role

The company uses blockchain-powered platform to assess and verify skills, expertise, and achievements of candidates searching for new job roles, with an initial focus on the coding segment.

While, Brand Capital is the ad-for-equity investment arm of the Times Group.

Gaurang further said that this transaction will help Indorse to build brand and become a major dependable source for employers seeking candidates with the right skills in India and South-East Asia coding skills market.

Furthermore, in 2017, Indorse completed a fundraising round, which reached $9 million, allowing the team to focus on building a working product.

Prior to that, UK’s investment and advisory firm, Coinsilium Group, made seed investment of $450,000 (Singapore dollars) for a 10 per cent equity stake in the business.

While, other startups in the similar category includes Blockchain, Skyllz, Blockcertz, etc.

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