Sri Lankan job marketplace XpressJobs has raised 100 million LKR ($550,000 U.S.) from location-based digital advertising company Emerging Media, which has acquired a 25% stake in the company. The company plans to use the latest capital injection to introduce a range of new services.
Founded four years ago, XpressJobs offers customers subscriptions to a variety of recruitment-related services. The company says services like a resume-free application system, SMS service for walk-in interview and online screening tests will improve efficiency in the hiring process. The startup’s model has proven successful — between 2018 and 2019, it saw revenue increase by 60% year-over-year. It currently has 3,600 corporate clients and clocks an average 800,000 page views per month.
XpressJobs faces competition from recruitment sites such as Work.lk and JobsDirect.lk. However, the real competition comes from general marketplace Ikman.lk, which operates a thriving job vertical. Owned by Sweden-based Saltside Technologies AB, Ikman has increased focus on its recruitment category recently. It’s revamped the job vertical and added search and filtering functions to de-clutter the site, while ensuring users are shown only the relevant results.
Founded in 2009, Emerging Media is a leader in digital signage services. Its investment in XpressJobs is meant to expand online and offline outreach of its clients to a larger audience, according to the company.