Popular job portal Monster.com has reportedly raised USD 18.21 million (Rs. 137.5 crores) in a funding round led by Meridian Investments’ Mohandas Pai and Volrado Venture Partners’ Akash Bhanshali.
The platform will use the fresh funds for improving its investments in marketing and product development in India, the Middle East, and the SEA markets. The funding has taken the platform’s valuation at USD 100 million.
Quess, the platform’s parent company also participated in this round. In a regulatory filing, Quess Corp. stated that the current close has been executed at USD 14.91 million (Rs 112.5 crore) with an option to expand the round to USD 18.21 million.
It is worth noting that three years ago, Quess Corp. had acquired Monster’s businesses in Singapore, India, Malaysia, Hong Kong, the Philippines, Thailand, Vietnam, the UAE, the Kingdom of Saudi Arabia, and Indonesia.
Back then, the Executive Chairman of Quess Ajit Isaac claimed that the company acquired Monster for USD 19.22 million (Rs 145 crore) and initiated a Digital First journey to create long-term value for clients as well as shareholders.
Talking about the company's progress, the Chief Executive Officer of Monster.com for APAC and ME regions Sekhar Garisa expressed that the platform has achieved significant growth across all parameters over the past year. Garisa noted that Monster.com plans to implement an exciting business and product road map that aligns with the company’s perspective on the evolution of hiring.
With high economic growth, experts believe that the platform will witness a significant rise in job availability and job seekers will be looking for a high-quality platform to map their career plans. Monster.com should help employers in building deeper relationships with their teams and creating a transformative experience from day one.
For the record, Monster India began its operations in 2001 in Hyderabad and is currently present in 11 other Indian cities. The platform has over 60 million active users in India as of 2021.