Relocation Platform HappyLocate Raises $1.1 Mn In Pre-Series A Round Led By Inflection Point Ventures This is IPV's 2nd round of investment in HappyLocate. The funding platform recently announced the launch of $50 million AIF Fund Physis Capital to invest in series A and B growth stage startups
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Bengaluru-based HappyLocate has raised $1.1 million in a pre-series A round, which was led by Inflection Point Ventures (IPV) and saw participation from VM Ventures and RMZ Management. The fresh funds will be utilized towards enhancing operational excellence and corporate reach, said the company in a statement.
"HappyLocate is on a mission to transform global mobility with technology and empathy," said Ajay Tiwari, co-founder and CEO, HappyLocate.
"Since our last round in the company, we have seen the growth to be manifold and believe that the canvas is much bigger because with digitally enabled services, unorganized markets present a huge business opportunity for the company," stated Vinay Bansal, founder and CEO, IPV.
In December 2020, HappyLocate raised INR 4.4 crore as part of another pre-series A round, which was also led by IPV and partaken in by VM Ventures.
HappyLocate ensures seamless relocations with 98 per cent less delays, no false claims, transparent pricing and insurance solutions integrated in an easy-to-use platform, claimed the company in the statement. Customers have better experience through the range of value-added services such as flight booking, housing assistance and other settling services, the statement added. To standardize the user experience, HappyLocate has launched its own line of packing materials along with providing training and support to its registered packer and mover partners.
With the continued dominance of digital and technical skills in the Indian job market, relocation to IT hubs has become inevitable for a large chunk of the country's workforce. According to a report titled "India Workforce Report', by LinkedIn, which analyzes the industry hiring trends in India, the National Capital Region, including Delhi, Gurgaon and Noida, is the top destination for job-seekers, followed by Bengaluru and Hyderabad.
As per the report, technical and programming skills have a high demand in Bengaluru. In Delhi and Mumbai, meanwhile, recruiters seek managerial abilities in candidates.
"As we see business growth bouncing back after two years of lull, the war for talent is making companies jump through the proverbial hoops. Many companies are hiring people from other cities and helping them relocate," said Bansal.
Headed by Ajay Tiwari and Sainadh Duvvuru, HappyLocate is a relocation platform for multiple relocation services and its XSAAS enables corporates to automate and manage employee relocation over a few clicks. The company strives to enrich experiences and cost savings involved in the process.
Launched in 2016, the startup now claims to be catering to more than 50 enterprise clients, including Fortune 500 companies, and managing over 1,000 relocations every month.