Bangalore, 15th September 2015: CBREX, an exchange meant for recruiters and recruiting firms across the worlddeveloped by co-founders Gautam Sinha, Sanjeev Punwani and Karunjay Anand went live today. In the pre-launch phase for the last 4 months, CBREX already has members from across 40 countries on its platform and has started doing business transactions through this exchange.
Speaking on the launch Gautam Sinha, Co-founder and CEO said “This is the first of its kind to connect independent/freelance recruiters and owners of recruiting firms from across the world to facilitate cross border hiring which we estimate to be at 5 million a year.”
The business model was arrived at to tap this immense potential globally. The founders bring in rich experience in recruitment and technology businesses and thus it was an obvious choice to build a technology platform that can disrupt the international hiring space.
How CBREX Works
The ‘members only’ platform is user-friendly. The individual or recruiting firm can sign up and become a member after a verification process by a team of experts at CBREX. They then have to create a profile, highlighting their functional expertise and industry verticals of interest. Once the profile is ready, members can start posting jobs from their clients that have hiring needs outside their location or want to hire an expat in their home location (Example: a client in Russia who wants to hire in the USA OR a client in Russia who wants to hire a foreign national in Russia). Members can see the job posts on the platform and all they have to do is express interest in supplying a candidate for a particular requirement. For a member to be able to transact i.e. get a job post approved OR be able to supply a candidate to a job posted by another member, they need to sign a MoU with the exchange. This ensures that the entire process is double checked and payment is possible. Members can be live on CBREX but cannot transact till they have signed the MoU.
A Unique B2B Exchange
CBREX is the first specialized cross-border recruiter exchange in the world. A technology platform connecting recruitment consultancies and freelance recruiters, to conduct hiring across the globe, it plans to have 1000 recruiters on board in the next 6 months. Once the figure reaches 1000, CBREX expects to have 300 transactions per month. Scaling up plans are in place and the B2B platform is working towards having six lakh members from across the globe in the next three and a half years. About 85% members are expected from outside India and the remaining 15% from India.
Built on JAVA, the technology platform has been designed to enable members to get the most relevant of jobs sent to them and also communicate with other members through the exchange in a message board format. As transactions take 60-90 days to close, there is a lot of back and forth communication between members, all of which happens in a seamless manner through the exchange.
Worldwide, small firms make up the bulk of recruitment business but do not have access to resources or contacts in other countries to source business. They have clients in their home country that hire across border but are not able to cater to these requirements as they cannot demonstrate access to a candidate pool in a foreign country. As a result they often end up losing high-value cross border clients. As per estimates, India should have about 80000-90000 such recruiting firms and even a partial slice of this is big market. This becomes a viable and reliable platform, giving the local recruiting firms an opportunity to scale up their business and earn additional revenues. The cross-border model ensures that no recruiter’s existing business gets impacted.