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AspiringMinds to invest $1 Mn in Startups

AspiringMinds
AspiringMinds

AspiringMinds (AMCAT) and E-Litmus are two names buzzing for job seekers/students in final year of their studies specially in tier 2 and tier 3 colleges where the number of companies recruiting directly is comparatively less. I have heard of Aspiring Minds for the first time when I was in final year of B.Tech. and all students were looking to get hired by companies.

The skill and employability assessment company AspiringMinds is all set to enter the investors hub and planning to invest around $1 million (about Rs 6.5 crore) to provide seed capital to startups in educational technology and employment technology businesses. The fund is likely to be invested over a period of 12 to 18 months largely focused on India, China and the US. Other than investing in the startups Aspiring Minds will be providing market access and advice on execution.

“We have completed a part of the puzzle by providing credible assessments to meet the ever growing job-skills paradox. We believe that mobile products and data science can now make it viable to efficiently solve the problems that exist in these sectors. With the launch of this fund, we are looking to fill the gaps in the ecosystem and add more value to the labor market.” said Varun Aggarwal, co-founder & CTO at Aspiring Minds.

The company intends to pick up stakes in the startups and take them to the stage of maturity. Primary focus will be companies dealing in mobile technology and data sciences related to education and recruitment.

Aspiring Minds was started in 2007 by brothers Himanshu Aggarwal and Varun Aggarwal. It is an employability evaluation and certification company that helps institutions and companies choose the right candidate.

“From an employability firm, we are now turning into an incubator.” – Aspiring Minds

Earlier, Aspiring Minds had acquired a mobile software development company, Mizcoin, to reach more job seekers and work together on product research and development in order to enhance Aspiring’s mobile product strategy.

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