Hero Vired, the edtech firm of the Munjal family-led Hero Group, will increase its headcount by 3.5 times within a year and roll out a biannual appraisal and increment system to retain talent.
Akshay Munjal, founder and chief executive of Hero Vired, said his start-up was entering a growth phase, and hiring talent and retaining them is a priority to sustain the growth momentum.
As the talent war heats up in the job market in recent months, the edtech start-up is rolling out a biannual appraisal system for the staff and offering required flexibility.
“Appraisal and increment will happen every six months,” Munjal told Moneycontrol in an interview, adding that it was a conscious decision to retain talent, promote them, and grow together.
Hero Vired was established in April as an independent edtech firm of the Hero Group. It focuses on deep skills and deep tech, including, financial technology, game design, data science, machine learning, artificial intelligence, design, entrepreneurial thinking and full stack development.
He said his start-up was giving the staff freedom of operation meaning “outcome is the key criteria” not the fixed timing, or routine stuff during a particular time of the day. If a staff is ready to achieve the target by working in the evening as per his or her convenience, then the company is fine with that, and offers required flexibility, Munjal explained.
He said talent acquisition for the start-up is going to pick up pace. "From around 100 employees now, Hero Vired will have around 350 staff in a year’s time, let’s say by end of calendar year 2022,” Munjal explained.
“Hiring will happen in equal proportion for tech, content and learning excellence, and sales and marketing talents," he said, adding that the young company is financially well leveraged .
In the last 6 months, Hero Vired claims that it has seen a 2x increase in revenue month on month. Although the company sees interest from all over India for its offerings, south India seems to hold the majority of enrollments. Hero Vired has tied up with top educational universities like Massachusetts Institute of Technology (MIT) and Singularity University among others for offering customized courses.
The company caters both to individuals as well as enterprises. Its B2B arm, Vired for Business, assists enterprises in up-skilling employees, sourcing talent, implementing internal learning programs, and setting up internal knowledge academies.
In India, the edtech market is going through a rapid growth phase with technology adoption and acceptance in education delivery, administration and assessment gaining wide currency, post the outbreak of the coronavirus pandemic.
The disruption in the education and skills sector due to the pandemic has led to a larger gain for the edtech players, and with growth the hiring is picking up accompanied by competitive compensation.
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