Story of Karthik Prasad : From A Small Town in Karnataka to Building $2M BeatMySalary in London
Karthik Prasad , hailing from a small town in Karnataka called Harihar has set up a kind of marketplace for recruiters and senior candidates that facilitates and streamlines the hiring process. He named it “BeatMySalary”.
In Karthik’s BeatMySalary(BMS) Candidates register their key details on BMS which captures key skills, expectations and constraints, current and expected salaries. No CV or resume is required. This information is stored on the site in the form of a summary card. The candidate’s identity remains anonymous.
Multiple candidates matching particular search criteria can be reached out to using one job description, by using BMS’s internal email systems. A candidate who gets an email with a job-description, can accept or reject [in terms of allowing the recruiter to contact them]. If accepted by a candidate, the recruiter gets the candidate’s details in their “accepted” list (recruiter’s dashboard). They can then call, using internal BMS systems, to make further contact.
After it was launched in India (Bengaluru) in May, 2015, BeatMySalary started gaining more than expected traction in the very first month. The anticipated number was 500 candidates and 5 recruiters, but it reached 1500 candidates and 75 recruiters!
Karthik Prasad was entrepreneurial right from the age of fifteen. In early 2000, he used to sell assembled desktop computers from his bedroom – to his family and friends. In 2003, Karthik, along with some of his friends, physically connected the computers of all their friends within a one km radius through underground LAN and cabling, to form gaming stations. In 2004-05, he founded blogsavvy.com, which aimed to serve as a community place (a social site – like Facebook) for all techies. It gained good traction but had to shut down due to lack of maintenance.
Karthik completed his engineering in Electronics and Communications from GMIT Davangere (VTU) in 2006; and secured a campus placement into TCS. Later in 2009, he joined Cognizant Business Consulting. In 2010, he shifted to UK and started consulting with large retail and investment banks in the Content Management Space.
Around the end of 2014, Karthik met Swash, who was born and brought up in London. He was an investment banker and a Qualified Chartered Accountant with over 20 years experience in investment banking [Morgan Stanley, JP Morgan and Deutche].
Karthik was eager to come up with a product that could potentially revolutionize the recruitment space, and streamline the hiring process by empowering both candidates and recruiters. That’s when he discussed the idea of starting BeatMySalary with Swash. Swash was equally excited about starting the venture as he had personally undergone similar pains in the job market. He decided to put in the seed capital of $50,000.
Karthik roped in Ronak Jain, an ex-Infosyian, to outsource the user interface to a Bangalore based design company. Karthik himself drew up the blueprint for the prototype to save on costs. In order to accelerate the process, a small team of logo designers and content writers has been hired to support the operations in Bangalore.
The startup is registered in London, but as of now, the product has been marketed only in India. It will soon be available in UK by the end of September, 2015. Karthik says that the product is pending approval from data regulatory authorities in UK. They will soon be able to launch their operations, post the regulatory and compliance approvals.
Karthik says –
“The product is currently focusing on the Indian market and has gained huge traction with over 12,000 social media engagements. We have 260 Linkedin followers – with over 75 per cent at the senior manager and VP levels. Over 70 per cent of the candidate base is coming from senior levels of the industry with educational backgrounds from IITs/IIMs and other premier B-Schools”
BMS has close to 130 registered recruiters: this includes startups, agencies, and large blue-chip companies like Exotel, Zaicus, TML JustDial, Amazon India, Target Corporation, Walmart-Lowes, and many more. BeatMySalary’s recruiters and candidates come from retail, finance, IT, automobile, logistics, FMCG, manufacturing, marketing, sales and business development.
The startup plans to launch both the iOS and Android apps by mid September; and start marketing the product in UK around the same time.
Source – YourStory
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