Informist, Thursday, Sep 1, 2022
By Vivek Kumar
MUMBAI – The operations of Monster.com that were acquired by Quess Corp Ltd in 2018 are likely to turn profitable between October 2023 and March 2024, said the corporate services provider. As recently as last year, the Bengaluru-based company had managed to persuade investors such as Volrado Venture Partners and Mohandas Pai-promoted Meridian Investments to invest 1.4 bln rupees into the India operations of Monster.com.
"The product is shaping up very well. All the indicators are on the right track, whether it is customer usage or number of repeat users," said Ravi Vishwanath, the chief financial officer of the parent company, in an interview with Informist.
The External Investment Into The Company In December Had Valued The Quess Corp-owned White Collar Job Portal At $100 Mln
Quess Corp has been investing aggressively in the recruitment solutions portal to improve the offering. It is also spending on marketing and user acquisition, the company said.
Monster India is one of the many businesses that Quess Corp acquired over the last few years and has become a prominent emerging business of the company even though it has not delivered consistent profit yet. Quess Corp acquired several country operations of Monster.com from its US parent in 2018 after the US company failed to make much headway against local rivals like Naukri despite trying for more than a decade.
The external investment into the company in December had valued the Quess Corp-owned white collar job portal at $100 mln. This was sharply higher than the company's initial investment of $20 mln in 2018, Quess Corp said.
"This investment represents the validation of progress that has been made by us, and the capital infused will accelerate the transformation towards building Monster into a category defining company," Quess Corp said in its annual report for 2021-22 (Apr-Mar).
Indeed, the company has been working on differentiating Monster India from other job portals by providing better experience to both job-seekers and employers.
"Monster is not positioning itself as another Naukri," the CFO said.
Info Edge (India) Ltd's Naukri.com is a market leader in the job classifieds segment in India with a market share of around 75%. While Naukri.com focuses on bringing recruiters and job-seekers on one platform, Monster.com shortlists potential candidates for recruiters and also provides upskilling opportunities to job-seekers.
"Monster will be a talent supply chain platform, where people can go find out what it takes for them to get better, whether in terms of skilling or what jobs they can do," Vishwanathan said. "From a recruiter perspective, we are bringing in a lot more intelligence. Instead of just dumping hundreds of resumes, we are shortlisting the resumes in terms of what the recruiter wants to see or what the company's objective is, and maybe shortlist 5 or 10 resumes," he added.
As the company is in the process of making these investments, the 'product led business' segment of Quess Corp, which houses Monster India and two other relatively smaller emerging businesses, reported a loss of 239.7 mln rupees for the quarter ended June. The losses were sharply higher than 76.3 mln rupees the company reported during the previous quarter and 59.2 mln rupees during the corresponding quarter last year.
In its Apr-Jun earnings call, Quess Corp said that Monster India saw a significant spur in candidate traffic and engagement with six-month active candidate base growing 17% sequentially and traffic on platform growing 24%, crossing 35 mln. End
US$1 = 79.32 rupees
Edited by Akul Nishant Akhoury
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