In expansion mode, the digital company Info Edge India-owned recruitment portal Naukri.com has picked a majority stake in Bengaluru-based recruitment management SaaS platform Zwayam Digital for Rs 61 crore.
Zwayam Digital is an AI and ML-powered recruitment management SaaS platform that helps enterprises streamline and automate the entire recruitment workflow from sourcing to onboarding.
The move is in line with the company's plan to push its position in the SAAS-based recruitment space. Zwayam, which counts Flipkart and Mindtree as customers, offers end-to-end recruitment solutions with configurable plug-and-play modules that provide a differentiated playbook in a dynamic talent landscape.
According to Info Edge, the acquisition is likely to help the company to further consolidate its position in the online recruitment space where its flagship brand Naukri.com has already held a pole position. Zwayam has raised around Rs 20 crore from a clutch of investors including former Wipro CEO TK Kurien. It has 80 employees and the Zwayam team is expected to join Info Edge.
Zwayam Digital was founded in 2015 by Joseph John, Nickel KM, Divya T, and Shreyas Tonse. It has enabled end-to-end recruitment automation leveraging AI to drive better engagement with prospective hires. Zwayam's platform has built-in recruitment marketing capabilities and has incorporated social hiring techniques to help companies keep recruitment costs under check.
Zwayam has powered the digital transformation of many of its customers and will continue to do so as part of Info Edge. It will also maintain its independent identity post the buyout. “We are excited and look forward to the next phase of our journey with Info Edge. Info Edge will provide us with the necessary expertise and resources we need to support our customers better. Together, we would be able to serve 100% of our customer needs,” Joseph John, CEO of Zwayam said.
Meanwhile, Hitesh Oberoi, co-promoter, MD, and CEO of Info Edge, said, “This acquisition will supplement and complement InfoEdge's current recruitment offerings and help it cement its position as a leader in the enterprise recruitment solutions market.”
