Aspiring Minds, an employability assessment company has raised Series A funding from Omidyar Network. Jayant Sinha, Partner, Omidyar Network India, will join the Board of Directors. DS Brar (ex-CEO of Ranbaxy) will participate in the round alongside Omidyar Network.
Aspiring Minds will use the funding to extend its offerings to new verticals and expand to new geographies. Aspiring Minds’ Computer Adaptive Test (AMCAT), the company’s flagship product, provides standardized employability benchmarks to students and enables employers to evaluate students for effective job placement. Aspiring Minds’ research shows that AMCAT assessment and sourcing strategy significantly increases the percentage of high-performing individuals in any organization, substantially improving recruitment efficiency and helping to extend equal job opportunity to the masses. Already widely used within India’s information technology sector, the funds will enable Aspiring Minds to scale their reach in sectors such as BFSI, retail and hospitality industries
Founded by two IIT and MIT alumni with the mentorship of Professor Tarun Khanna, Aspiring Minds uses proprietary technology in Computer Adaptive Assessment, superior statistical benchmarking and job-matching algorithms. Khanna, a professor at Harvard Business School, is a founding investor in Aspiring Minds. More than 75 companies use Aspiring Minds’ recruitment solutions, including HCL, Sapient, Ericsson, ITC, SBI Life, Nokia, Keane, and Accor Hotels. Aspiring Minds has aided over 12,000 freshers to get a job on merit in the last year.