How Ajay Kolla turned a Rs 30-lakh venture into a company
generating revenue of Rs 22 crore
I
come from a family of farmers in Guntur district in Andhra Pradesh.
My parents wanted me to become an engineer, so I did a course in
electronics and electrical engineering from Vijayawada. After
completing my studies in 2007, I joined Infotech Enterprise, a
private IT firm, as a trainee. In 2009, I left the firm and joined
TCS.
For scores of IT professionals, 2008 was a horrendous year. Thousands of them lost their jobs due to the global slowdown. It was around this time, I started a Google group, TSNV Jobs, to help my out-of-work friends get placed by posting vacancies on the platform. What started as a limited initiative for my friends, became a big hit. Many others started adding their details on the group. Between 2008 and 2010, TSNV Jobs helped nearly 20,000 people get placed. I saw a business opportunity. I had around Rs 10 lakh in savings, and I raised a further Rs 20 lakh from friends and acquaintances for my business venture. The company was named Wisdom Jobs.
Most of this seed capital went into developing an application called Pragnya Meter, a tool to help us test the potential of a candidate. The tool enabled us to assess and analyse a candidate's education and technical expertise, allowing us to present them to the hiring company in a report. The remaining sum was used to take an office space on lease in Hyderabad.
For scores of IT professionals, 2008 was a horrendous year. Thousands of them lost their jobs due to the global slowdown. It was around this time, I started a Google group, TSNV Jobs, to help my out-of-work friends get placed by posting vacancies on the platform. What started as a limited initiative for my friends, became a big hit. Many others started adding their details on the group. Between 2008 and 2010, TSNV Jobs helped nearly 20,000 people get placed. I saw a business opportunity. I had around Rs 10 lakh in savings, and I raised a further Rs 20 lakh from friends and acquaintances for my business venture. The company was named Wisdom Jobs.
Most of this seed capital went into developing an application called Pragnya Meter, a tool to help us test the potential of a candidate. The tool enabled us to assess and analyse a candidate's education and technical expertise, allowing us to present them to the hiring company in a report. The remaining sum was used to take an office space on lease in Hyderabad.
My
decision to quit a well-paying job to start my own venture
would have troubled my parents. So, I decided not to inform them
about my plans and waited till the business was a success. This also
meant not visiting them for close to two years. Had I visited them,
they would have found out.
On the business front, things did not go as planned. It was a slow start. Cracking my first deal took me around four months. I had to borrow more to pay staff salaries and the rentals. Finally, Hindustan Unilever gave us our first opportunity. The company wanted me to help them recruit 50-60 senior and mid-level officials for a new division they had started. I had build a good network of jobseekers through my Google group and their requirement was met soon.
The deal, in addition to boosting my confidence, also helped generate more business. Wisdom Jobs registered a turnover of around Rs 60 lakh in its first financial year (2010-11). It had a staff of four. I was responsible for bringing in the business and the others managed back-end operations.
On the business front, things did not go as planned. It was a slow start. Cracking my first deal took me around four months. I had to borrow more to pay staff salaries and the rentals. Finally, Hindustan Unilever gave us our first opportunity. The company wanted me to help them recruit 50-60 senior and mid-level officials for a new division they had started. I had build a good network of jobseekers through my Google group and their requirement was met soon.
The deal, in addition to boosting my confidence, also helped generate more business. Wisdom Jobs registered a turnover of around Rs 60 lakh in its first financial year (2010-11). It had a staff of four. I was responsible for bringing in the business and the others managed back-end operations.
From
the second year onwards, our business picking up. But we decided to
concentrate on the quality of the work that we received. Our aim was
to provide quality service and complete customer satisfaction rather
than taking every opportunity that came our way.
In 2011 we shifted to a larger office in Hyderabad and in 2013, we opened offices in Bangalore and Chennai.
We have also created an e-university. It is an online learning hub, that helps job seekers hone 6,000 different skills. This allows them to prepare well for job interviews by testing their skill levels. Candidates can take online exams on our portal wisdomjobs. com to ascertain their level of proficiency vis-a-vis a particular skill. They add their skill scores to their resume, adding more credibility to their profile. Top recruiters, particularly from the IT industry, have been using this skill score to shortlist candidates.
In 2011 we shifted to a larger office in Hyderabad and in 2013, we opened offices in Bangalore and Chennai.
We have also created an e-university. It is an online learning hub, that helps job seekers hone 6,000 different skills. This allows them to prepare well for job interviews by testing their skill levels. Candidates can take online exams on our portal wisdomjobs. com to ascertain their level of proficiency vis-a-vis a particular skill. They add their skill scores to their resume, adding more credibility to their profile. Top recruiters, particularly from the IT industry, have been using this skill score to shortlist candidates.
The
candidate screening that we undertake by testing them on various
parameters via our indigenous Pragnya Meter and other means, helps
our clients get the right candidate. This has given our firm a
competitive edge. Often headhunter's just pass on a potential
candidate to their client which simply increases their burden. Most
of our clients' work is already done before they interview the
potential employee.
We have a database of around 30 million resumes. Our average annual growth rate since our launch has been more than 100%. In 2012-13, our turnover was around Rs 8 crore. It grew to Rs 22 crore in the 2013-14. This year, we are aiming to bring in Rs 40 crore in revenues. We have a clear road map to achieve this target.
Going ahead, the company plans to build a strong presence in the US market. It is also focusing on developing next-generation recruitment tools, products and search features to scale up the business and widen its reach in the global market. We also plan to start operations in major metros in India and across the world.
We have a database of around 30 million resumes. Our average annual growth rate since our launch has been more than 100%. In 2012-13, our turnover was around Rs 8 crore. It grew to Rs 22 crore in the 2013-14. This year, we are aiming to bring in Rs 40 crore in revenues. We have a clear road map to achieve this target.
Going ahead, the company plans to build a strong presence in the US market. It is also focusing on developing next-generation recruitment tools, products and search features to scale up the business and widen its reach in the global market. We also plan to start operations in major metros in India and across the world.
ET1401007
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