Shine

HT Media to acquire 40% stake in Bangalore based social recruitment company MyParichay

In Deal Flow by NextBigWhat

HT Media, the media conglomerate which runs job portal Shine.com has plans to acquire 40 % stake in MyParichay, a social recruitment platform, the company said.

The company will acquire shares from existing promoters in three separate tranches over the next 2 years. HT media runs the English daily Hindustan Times and Mint, a business daily.

Earlier this month, Shine.com had partnered with MyParichay to integrate recruitment services through Facebook. Hiring through social media has now become mainstream with 85 % of Indian jobseekers using social networking platforms to find a job, HT Media said.

Bangalore based MyParichay, co-founded by Ranjan and Vivek Sinha has three offerings– Company Parichay, Employee Parichay and Recruiter Parichay, through which it connects companies, employees and recruiters. (Recommended Read: Bangalore based MyParichay launches social recruitment platform to corporates)

MyParichay says it has over 7 million profiles and is adding 1 million searchable profiles every month. Shine.com has over 1 crore candidate database and over 150,000 job openings on the site, according to the company.

There are a bunch of other startups in the social recruitment space. Earlier this month, Bangalore based Whistle Talk raised $400 k from Hyderabad Angels. WhistleTalks is a referral hiring application with which the employers can put the power of their employees’ social network to work.

Hireplug, another social recruitment was launched in 2010 and works in a similar fashion.