Ranjan Sinha, Co-founder and Chairman, MyParichay is a serial entrepreneur and a HR thought leader from the Silicon Valley (Whowhere, Magnify, Summit HR worldwide).
MyParichay is a dedicated group of successful entrepreneurs, HR professionals, and computer scientists that want to capture the spirit behind a Parichay (an introduction) from a known person to transform how people achieve their career potential and companies find the best quality talent. We know connections matter. They help you find a job, advance your career, close a business deal, get you kid into a good school. Your friends from college, high school, family, work colleagues, closest friends and their family are connected to you through your personal and professional networks. Many of your Facebook connections are successful professionals; MyParichay combines information of your personal and professional connections from Facebook and LinkedIn to give a comprehensive view of all people who can influence your professional career.
Replying to Anil Mascarenhas of IIFL, Ranjan Sinha says, “MyParichay has made talent acquisition a more intelligent process using Social Media, Facebook as a platform to hire and reach out candidates. People are not much active on Linkedin but they do update their Facebook status every day.”
Give us a brief overview of the HR market in India. What are the changing trends that you see?
In India, companies in search of quality hires looked nothing beyond traditional recruitment avenues like job boards, sites, and consultants. There are passive job seekers who are not active on job boards or other sites but surely active on social media.
MyParichay solves that problem of a recruiter to go through millions of resumes and land up reaching the wrong candidate. MyParichay has made talent acquisition a more intelligent process using Social Media, Facebook as a platform to hire and reach out candidates.Over the past 18 months, the MyParichay platform has helped firms maintain an 80 per cent retention rate of the people they’ve recruited.
Social Recruitment is new to India and those who have understood it values it. Even it is working to hire potential women candidates as they are more active on Facebook than any other job board or site. Industry experts trace the trend of social media turning into a business tool to 2010. The number of hires through this medium has been growing at an average of 50 per cent every year since then.
Explain to us your business model. With Facebook, do you see interest from the professional side dwindling as people opt for mediums like Linkedin etc.
As per the studies, 83% of people looking for a job say they use Facebook while only 36% use Linkedin. Today we have close to 5 lakhs of MyParichay users and the recruiters can reach out to 37 million profiles on Facebook basis skills, industry, experience etc. People are not much active on Linkedin but they do update their Facebook status every day.
What are the new offerings in the pipeline?
Currently we have Social Retargeting, Employee referral, Facebook career tab as our products which our clients are using and happy with.
We have 3 more products in pipeline which we will be launching soon:
Diversity: focused to tap women professionals on Facebook and a job board dedicated to women networking.
Facebook recruitment ads: we are seeing loads of success here, and plans to expand it further.
Career Site Manager: We already working with HDFC life and managing their career site and see loads of opportunity and plan to expand it too.
Tell us about your geographical presence.
We are based at Bangalore for India operations and have teams working from Delhi and Mumbai.The next task is to sign up with job boards in the US, and MyParichay is building a team to focus on that market. Our plans is to reach out to more and more companies and show them the effectiveness of the tool.
Who is your target customer?
We have a complete 360 degrees solution and use uses social media as a recruiting tool for companies/recruiters and also have a B2C application wherein people looking for a job can build their profile, add skills, search jobs, get connected to recruiters and even ask his friends for a reference or Refer a friend for a particular job.
What were the challenges in getting started?
In India, it is difficult to initially make companies understand the value of the product/technology as compared to US, but the trends are changing and recruiters do believe in the power of social media. Once they dig more into the product, it becomes a lot easier to find value in MyParichay as a SaaS platform.
What opportunities do you see in this business?
We see a very good response coming from the companies/recruiters as they find value in the product plus even usersbase increasing everyday. Today recruiters can reach out to 37 million profiles on Facebook via Myparichay.
What is the technological edge you have? What is your key differentiator?
Today, companies are using social media to contact potential hires, but they cannot see their network. The software uses FB’s applications to cull all the work-related info in the network and allows firms to target the right people. So far, MyParichay is only working with FB, since it has 10 times more reach than, say, LinkedIn and other networking websites. 30 per cent of people who’ve searched for jobs on the portal have resulted in 60 per cent of the offers made. Currently, the tool allows recruiters to target a pool of 37 million professionals and fresh hires globally. The tool allows targeting of static individuals who are happy in their current jobs, but can be influenced to find a new one.
What are some of the factors that will boost the growth for your company?
We keep on building features that will help our clients to reach the talent. Our dedicated team and a strong product is what keeps us going. We havesigned up more than 30 clients in India since 2012. Most of them are actually recruiting firms themselves, though MyParichay’ does have a couple of direct-hire clients too. We signed on to 7 of the Fortune Top 500 companies signed MyParichay's Social Retargeting platform in the last 90 days - this shows a clear picture to the growth of our company.
The next task is to sign up with job boards in the US.
What are the challenges for your company?
In India, it is difficult to initially make companies understand the value of the product/technology as compared to US, but the trends are changing and recruiters do believe in the power of social media. Once they dig more into the product, it becomes a lot more easier to find value in MyParichay as a SAAS platform.
Name some of your prominent clients?
Genpact, HDFC Bank, HDFC Life, ICICI prudential life insurance, Jet airways, American Express, Ernst & Young, Top BPOs, Infosys BPO, theSkillsAcademy, 24X7, EXL and many more in pipeline.
Brief us on your financials? Your outlook for the coming year (revenue and profit)
We are 1 million dollar revenue run rate and are doubling our booking quarter over quarter
What is the shareholding pattern?
HT Media is a minority shareholder
Any plans to sell stake?
We are in the process of selecting investor partners for Series B.