MyRefers uses referrals and social big data intelligence to help companies hire the best quality profiles in the shortest possible time . Each profile come filtered and matched through the three important parameters companies use to hire. Myrefers is a referral marketplace for jobs which uses the power of peoples connections , patented algorithms and social big data intelligence to help companies hire the best matched profiles for their open jobs.
IndiaSpark gets to interview the co-founders of MyRefers:
1. Tell us about your background beforeAi??MyRefers. Share with us briefly about your education, entrepreneurial journey and inception of MyRefers.
In my last stint , I was working as the VP & Head- Digital @ Star TV and also was part of the global digital leaders collective at Newscorp. I managed a portfolio of digital products for Star. I led the companyai??i??s digital transformation from a TV company to a cross platform entertainment company.I built Digitas (now Digitas Lbi) across SEA & India from scratch as the EVP & Head- APAC., before Star. I am B.E, MBA have had a middle class upbringing Ai??having studied across Delhi, Mumbai and Kolkata (IIMC).
MyRefers came as an idea back in my Digitas days where I was setting up the APAC region and realised the best way I was able to get resources was through people’s references. The same happened when I was at STAR Tv building a digital team from scratch. I realised the power of using external networks to hire and decided to take the plunge. Of-course I spoke to a lot of people including friends, strangers, HR heads , recruitment consultants before kicking off the journey .
The journey has been amazing, we have learnt a lot , pivoted multiple times , built a fantastic team, raised funding, moved up offices won awards and a solid revenue generating business.
2. What is MyRefersAi??all about? Tell us in detail about the services offered and target segment?
MyRefers is a trusted community of people and companies. People connect friends in their connections to companies looking for candidates in return for recognition and rewards. It is a shared economy business like AirBnB and Uber and is disrupting the hiring space. People use MyRefers to unlock (monetise) the value in their personal and professional networks and companies use MyRefers to get access to a highly curated set of passive, high quality matched candidates. All this is powered by our AI powered recruiting robot (Eywa) which helps people with recommendations on who to refer against job soon, the platform and also ranks every application that the companies get through these referrals on skill, culture and trust . Anybody can register as a referrer on the platform and make money by referring as well as build more credibility and get more recognition in their personal network by connecting folks to dream jobs. For companies itai??i??s just about taking internal referrals as a concept to the external world beyond employees.
3. What is your competition in the market? What is it that sets you apart from your competition?
Nobody is a direct competition doing the same business, at the same time everybody in the recruiting business is a competition. We clearly tower over everybody else with people curation, access to passive candidates and ability to run recruiting like marketing. On top of this our AI powered engines and the IP create through them is unparalleled.
4. What is the business model ofAi??MyRefers? Can you briefly summarize the growth achieved inAi??bothvolume and value from the day1 till now?
We are growing 60-70% QoQ currently. The business model has three modes of revenue:
1)Ai??Ai??Ai??Referrer fees: companies pay anything between 8-15% of CTC as referral fees of which we keep a share and share the remaining with our referrers.
2)Ai??Ai??Ai??Tools (future revenue stream): Some of our referrers have started using the platform to almost build a business, we are providing them with advanced tools to make them successful. Today these tools are given free as it helps us increase our volume of transactions, at some stage we will start monetising these tools
3)Ai??Ai??Ai??Campaigns and automation: Recruitment is literally being run as marketing was run in 90s. We are in 2016 and marketing has completely changed with the advent of digital and campaigns. We have the ability for companies to have an ACPP (Awareness , Consideration, Preference, Funnel) for their hiring too. Ai??Besides we are using our recruiting robot to disrupt the role of HR in the recruiting process itself. HR will have a more value added role in the recruiting process, rather than the traditional coordination stuff.
5. How has been your beginnerai??i??s journey? What were the challenges you faced in setting up and scaling up your enterprise? Any hurdle that you faced or still facing?
Itai??i??s been a constant journey, full of learnings.Ai?? During the process we have made many mistakes, unlearnt everything we knew before and literally started from scratch.Ai?? As much as knowledge you can get from people and blogs, this journey is something you experience yourself only.
6. Can you tell us about your other founders/core team, their background and rich experience?
MyRefers was founded by Lalit Bhagia, Piyush Mittal andAi??Kashish Bhagia. Lalit, theAi??CEO of the venture, studied atAi??IIM-Calcutta and held the post of VP in his tenure atAi??Star TV. The CTO, Piyush Mittal completed his educationAi??from NIT J and BITS PilaniAi??and was the Chief Architect at 1mg. Kashish Bhagia heads the Legal & FinanceAi??department at MyRefers and also has an MBA from IIMT Ghaziabad. In addition toAi??the 3 co-founders, are Gunaseelan Mani, who previously worked at eBay and nowAi??heads Product Management at MyRefers and Dr. Sarabjot Singh who is the ChiefAi??Data Scientist. Dr. Sarabjot Singh has completed his PhDAi??in Big Data Analytics fromAi??University of Warwick and also was a professor at the University.
7. How is MyRefers funded? Any early stage money/seed stage experience that you would like to share with us?
We were lucky to raise our angel round from institutional investors ie. Bedrock ventures.Ai?? It wasnai??i??t difficult to raise the angel funding, my only advise is that if you look for references as the way to reach people, then that works best.
8. Any other areas or initiatives that you plan to venture in future?
We want to literally 1) enable every person in the world to unlock the value in their network and help others. We want to create a butterfly effect where people are helping each other find jobs all the time and through this Ai??2) we want to disrupt hiring industry structure and also role of the recruiter in the hiring process. We see a world where HR will play a very different role and recruiting will not be an HR responsibility , it will be a responsibility of every person in the company .
9. What willAi??MyRefers look like in 10 years from now? All perspectives ai??i?? people, business, revenues, team, size or anything you foresee for the venture.
There will be millions of people using MyRefers to monetise their network as well as run recruiting/connecting as a business through MyRefers.Ai?? This itself will make us the biggest referral network in the world and possibly the largest hiring company too.
10. Any school/ campus-connect initiatives that you are pursuing or plan to pursue?
We do a lot of intern hiring through campuses today.
We are all here to win the race and for wining we need to run a horse which means utmost focus, no distractions, only one view of the winning post . Everything else is noise. Be very focussed and passionate about what you are doing. There is no way you will not succeed.
We hope that MyRefers reach a great height of success and we wish them all the best.