In a recent exclusive interview with Taranjeet Singh, the visionary behind Innvocon, we were captivated by his academic journey, which commenced at GB Pant University of Agriculture and Technology in Uttarakhand. Likewise, Pragyanam Kumar achieved his Chemistry Hons. from the esteemed Ramjas College, University of Delhi, and Nancy from GB Pant University of Agriculture and Technology. While pursuing their engineering studies, the co-founders of Innvocon astutely discerned a colossal rift between the academia’s provision and the industry’s requirements for proficient talent. Upon further reflection, they astutely observed the industry grappling with substantial attrition rates, exorbitant training and development costs, and an acute scarcity of precisely tailored employees. Thus, Innvocon was born, offering pioneering solutions to these predicaments through their smart hiring strategies, revolutionizing the industry.
Value Propositions: Enhancing Efficiency and Empowering Institutions
Taranjeet expounded on Innvocon’s primary objective, elucidating how the company seeks to ameliorate early attrition rates within IT and ITeS enterprises while delivering tailor-made employees. At the core of their operations lie three key stakeholders, with partner companies occupying a central position.
“Our endeavours extend to assisting colleges in augmenting their placement statistics while concurrently elevating the median and mean remuneration packages. To this end, we are establishing a ‘Center for Project Based Learning’ that fosters an industry-oriented learning ecosystem right from a student’s inception into college, paving the way for a comprehensive learning journey throughout their four-year degree program,” Taranjeet asserts.
With partnerships already forged with over 150 organizations, Innvocon is dedicated to cultivating dependable, pre-skilled teams comprising top-notch talent, scrupulously curated to align with the partner companies’ objectives. Innvocon’s unique selling proposition lies in their project-based training, meticulously tailored to fit seamlessly into a company’s workflow culture and technical frameworks. We have helped our partner companies lower their early attrition by 55% By bridging this gap, Innvocon has solidified its position as a trailblazer in its niche.
“We meticulously curate candidates based on a thorough analysis of a company’s workplace culture, ensuring that they are culturally aligned and ready for employment from day one,” Taranjeet affirms.
Training Structure: Nurturing Excellence through Hands-On Experience
The entire training curriculum is meticulously customized to cater to each company’s unique hiring requisites. The domains in which candidates are trained and recruited span a wide spectrum, including Data Science (for computer science/IT graduates), AI and Machine Learning (for computer science/IT graduates), Full Stack Web Development (for computer science/IT graduates), and Data Analytics (for graduates from diverse backgrounds).
“Our training programs are meticulously designed to offer an immersive hands-on experience. Esteemed industry experts equip candidates with the requisite skills and knowledge in specific tech stacks, imparting interview readiness, while HR leaders familiarize them with the company’s organizational structure, processes, and vision,” Taranjeet highlights.
The Dynamic Team: Fostering Transparency and a Positive Work Environment
The founders attribute the team’s resounding success to an unwavering commitment to transparency and a nurturing work environment. Initially composed of three co-founders, Innvocon has now flourished, boasting a formidable team comprising 22 dedicated full-time employees and 8 interns. The achievements of Innvocon can be directly attributed to their shared vision and unwavering dedication to transparency.
Future Endeavours and Forthcoming Ventures
Commencing as a Workplace Intelligence Enterprise Solutions company, Innvocon primarily catered to IT companies. However, the company has embarked on an exciting transition, branching into the non-tech realm to expand its sphere of influence. Innvocon now caters to the growing demand for talent in data analytics and business analytics, solidifying its position as a versatile industry player. Taranjeet revealed plans to venture into non-tech and non-management domains in the foreseeable future. With an already established customer base in South Korea, Innvocon has their sights set on facilitating cross-border hiring for US-based companies, providing them with custom-trained developers.
Insights on Business Risks and Competitors
In our discussion, we delved into the risks encountered by the founders and the competitive landscape they navigate. Taranjeet emphasized the uniqueness of Innvocon, citing their ability to offer a holistic package that encompasses both recruitment and upskilling services.
Furthermore, he elucidated their meticulous process, which involves assessing company requirements and subsequently training a handpicked pool of candidates for specific profiles.
Investment Strategies and Expansion Plans
“Our forthcoming objectives entail securing a seed round of funding within the next 10-12 months, aiming to infuse at least Rs 2 crore into the company through external investors,” Taranjeet reveals.
Despite the adversities presented by the pandemic, Innvocon maintained an upward growth trajectory, expanding their partner network from 15 to over 150 esteemed organizations. Noteworthy clients such as HDFC, Lenskart, GrowIndigo, NoBroker, Byjus’s have recognized the value brought forth by Innvocon. With an impressive placement selection ratio of 83%, the company successfully closed their pre-seed investment round last year. As they gear up to raise another round of investment, Innvocon envisions an aggressive expansion throughout Northern India, fostering a comprehensive network of colleges and companies across the nation. Innvocon achieved over 100% growth in FY 22-23.