Introduction:
In today's world, where securing a loan takes minutes, companies still struggle to find ideal talent, leading to prolonged hiring timelines. This problem is amplified by the fact that the global staffing and placement market, valued at $465 Billion, still clings to dated practices. 78% of HR professionals say the most time-consuming part of the recruitment process is screening and interviewing for the right candidates, given that each job role receives 250 applications. The issues of resume gaps, manual efforts, recruiter bias, and the lack of data-based actionable insights further adds to the cost per hire $500-$4700 and it takes 36 days to fill a vacant position.
HYRGPT addresses the stark inefficiency, lack of trust and transparency in modern recruitment processes. HYRGPT is solving the challenge of time-consuming and suboptimal talent acquisition. Candidates have an abundance of AI tools to polish their resumes and prepare for the interview but recruiters even today lack the level playing field. Gen AI-powered HYRGPT, makes talent acquisition faster, better and cheaper at the top of the hiring funnel by slashing the time and efforts to hire by 90%. Easy to set-up under 60 seconds, it's domain-specific LLM powered by OpenAI plugins, automates talent outreach, quickly screens resumes, ranks candidates and conducts interviews. Starting with company specific qualifying questions, its conversational AI conducts automated interviews based on a combination of functional, behavioural and scenario based questions. HYRGPT enables data led decisions to maximize quality and speed to hire.
HYRGPT further leverages dormant resumes in the talent pool through the best fit recommendation engine for open roles. It can launch effective outreach campaigns to thousands of candidates through Email and WhatsApp within minutes. The platform can also be seamlessly integrated into career pages and job boards, providing immediate assessments and instant feedback to candidates. Unlike 99% of the recruiters who never share any feedback, HYRGPT stands out by delivering post-interview feedback that promptly informs candidates about their suitability and areas for improvement immediately after the interview.
The HYRGPT team is led by three founders with complementing skills. Neha Mathur, graduate from UC Berkeley and recognized as one of the Top 50 Women in HR-Tech in APAC and MENA, is in-charge of operations. Debi Kar, graduate from UC Berkeley and a seasoned entrepreneur with a strong coding background leads Product and Technology. Debi's prior experience includes running a criminal data analytics company, leading talent acquisition, being part of the CTO council at Deloitte global and cloud optimization for digital native businesses, including Unicorn accounts, at AWS. . Alongside them, Sameer Dharap, graduate from SPJIMR with over 18 years of experience driving growth and business transformation across 30+ industries, serves as the Chief Business Officer. Sameer’s prior experience includes designing satellite sub-systems for ISRO, management consulting and deal advisory with Big4s, designing blockchain applications and scaling his family businesses.
Market Opportunity:
The global recruitment and staffing, boasts a substantial Total Addressable Market (TAM) valued at $465 billion growing at 6.1% CAGR. India staffing and recruitment market is $15Bn growing at 28% CAGR, representing one of the fastest growing Serviceable Addressable Market (SAM). India white collar hiring and Interview-as-a-service market constitutes a Serviceable Obtainable Market (SOM) poised at $2.0 Billion. With strong economic growth, 69 Million new white collar jobs are projected to be added to the economy. This underscores a highly lucrative market opportunity, demonstrating the vast potential for innovation and growth in the recruitment domain.
100X.VC Thesis:
HYRGPT has built a good AI solution tested on models, providing actionable insights at the top of the hiring funnel- which has been a very big gap in the hiring process. The team comes with a solid pedigree and has a strong pipeline of customers. The very fact that there is no direct competitor perse as no one player is integrating AI model, OPENAI plugins and filling the gap with insights, HYRGPT manages to create a unique vantage point to solve hiring needs.
Conclusion:
In conclusion, investing in HYRGPT is a strategic move into an expanding market ripe with opportunities. With businesses leaning towards automation for recruiting, HYRGPT is geared to carve a considerable share from the readily available market, promising attractive returns. 100X.VCbelieves that with the founders passion, experience and potential, they are on a path of exponential growth.
