India, 27th October, 2022: Fountain, the world's leading high volume hiring platform, forays into the Indian market post its Series C funding round of $100M, bringing the total funding to $185M. The extension was led by B Capital Group, joined by SoftBank, Mirae Asset Venture Investment, DCM, Origin Ventures, Commerce Ventures, SemperVirens Venture Capital, Uncork Capital and others. Fountain’s recent funding will fuel its vision of global expansion by allowing the company to accelerate its four fundamental pillars including automated sourcing, a delightful candidate experience, unique insights and analytics, and efficient recruiting tools.
While strengthening its presence globally, the all-in-one hiring platform will now enable companies to find and hire the right people faster in India, where the majority of the 500 million workforce is composed of blue- and gray-collar workers. This underserved population has been limited when it comes to technology-forward hiring. Fountain plans to change this by bringing its world-class, mobile-first, automated, high volume hiring solution to India.
Fountain is determined to ease the challenges faced by the Indian companies in the high volume hiring space and to help these companies tackle the increasingly complex and ever-changing challenges like manual outreach activities, messy spreadsheets, and disorganized data that come with the traditional recruitment process. Fountain plans to invest a significant amount of its capital into high volume hiring in India, including the development of an AI/NLP-enabled chatbot, messaging and automation-related products.
Fountain is currently in the process of setting up a remote-first Center of Excellence (CoE) based in India, with functions such as R&D, support and operations, sales, and marketing. This CoE will support Fountain’s efforts across the country and make it more feasible to scale in real-time.
Furthermore, the company's recent association with its clients like India's fastest growing logistics service provider, along with other e-commerce giants is a beginning of a great start with a vision to optimize hiring and increase efficiency with smart, fast and seamless recruiting. Its recent success with a large e-commerce company, which operates in India, has seen fantastic results within six weeks of going live, with an increase in the applicant-to-interview show rate jumping from 10% to 40% (4x increase) and offer rate from 34% to 68% (2x increase). Both of these contributed to a 3x increase in the number of hires with a reduced time-to-hire by 50-60%.
“We at Fountain are determined to support the Indian market for blue and gray collar work. We will cater to leading companies and meet their needs of high volume hiring by not only enabling the enterprises to locate the right individuals for seamless recruiting but also helping candidates apply from their phones at any time and from any location,” says OmPrakash Muppirala, VP of Engineering & Head of Fountain India.
Fountain has seen amazing adoption amongst a new clientbase globally and retention of almost 90% in the last three years along with the CSAT rating of about 4.65/5, which showcases the value a product can add. Today, the Fountain team comprises more than 230 people working across the globe, including the US, UK, Spain, India and New Zealand. The company intends to use the funds to further accelerate growth by rapidly expanding internationally to additional European and Asian countries, as well as offering the platform in multiple languages. Fountain also plans to widen its capabilities to offer more unique insights and analytics, and empower hiring managers everywhere to make data-informed decisions around their recruiting and hiring efforts.
“We are excited to serve the Indian market in the high volume hiring space. Hiring is a global challenge not only for businesses, but for applicants as well, and Fountain is determined to address it from both angles. Finding a job should be easy for anyone, and with this additional funding, Fountain can continue to positively impact the global workforce from end to end,” says Sean Behr, CEO of Fountain.
Fountain is the market leader in high volume hiring because its solutions enable customers to get ahead of their hiring goals. Fountain’s all-in-one platform enables companies to find qualified candidates and move them from application to onboarding quicker, reducing time to hire from weeks to days—or even hours. By simplifying the screening, interviewing and hiring experience, Fountain’s solutions keep applicants happy while ensuring organizations have pipelines full of hourly talent that are ready to work. Hundreds of customers use Fountain’s solutions to hire over 3 million workers annually in more than 75 countries.