In an entirely unknown startup domain, CBREX, a global recruiter exchange, has secured $1.1 million (approx INR 7 crore) as equity funding from a slew of investors, reported Yourstory.
Gautam Sinha, Co-founder and CEO, CBREX, said, “The amount raised will be assigned for accelerating and expanding our sales in the US, which is the leading market for CBREX. The company plans to appoint resellers, senior sales people and senior management in the US and other international markets like Europe, Japan, Southeast Asia including India.”
CBREX was started by Gautam Sinha, Sanjeev Punwani and Divya Chethan in 2015. The Bengaluru-based platform CBREX uses machine learning (ML) to connect jobs to vendors (suppliers) and helps companies hire anyone, anywhere.
While, at present, it claims that employers across 17 countries with around 5,000 recruiters (agents) to hire talent across experience levels and domains.
“CBREX also helps enhance productivity of corporate recruiters as they can now use a single interface to interact with vendors/suppliers based anywhere in the world,” Gautam added.
The startup also claims to have a Digital VMS (vendor management system), which digitises the entire vendor hiring supply chain.
The company CBREX said, “The main idea is to consolidate the $70 billion vendor hiring spends globally and decrease the fragmentation of the market to make it more efficient for both the buyer and the supplier.”
At present, India only contributes 20 percent of CBREX’s revenue mix with the balance coming from Japan, the US, Western Europe, SE Asia, and China. The US is the biggest contributor to its revenue, the company added.