Matrix Partners India has invested an undisclosed amount in career accelerator startup Pesto. Sources told Economic Times that the amount is close to USD 2 million.
Swiggy founders Sriharsha Majety, Rahul Jaimini and Nandan Reddy, Innov8 founder Ritesh Malik, Posist founder Ashish Tulsian and Jack Yeung of OIC Capital also participated in the round.
Pesto will use the funds to expand services and open training centres in other cities.
Founded by Ayush Jaiswal and Andrew Linfoot nine months ago, Pesto is a Delhi-based career accelerator for software engineers. It offers a 12-week bootcamp to make engineers Silicon Valley-ready.
The median salary of some engineers Pesto has placed is in the range of USD 45,000 or over Rs 30 lakh per year, ET reported. The startup takes a 17% cut from the employee’s salary for a period of three years if the base salary is more than Rs 15 lakh a year. The salary is paid in rupees and taxed under local tax laws, under an agreement between Pesto, the India-based employee and the US employer,.
Rajat Agarwal, vice president of Matrix India, said, “Remote work is an early trend globally driven by a shortage of high-quality local talent, rising cost of living in key technology hubs, and widespread adoption of enabling infrastructure.”
Agarwal said that Pesto is on a mission to build a marketplace for quality remote talent from India.
Andrew Linfoot, co-founder of Pesto said, in a press release, "Apart from technical skills, we teach students about cultural differences, how to be better communicators, and manage their time in a remote work environment, etc. The unique thing about Pesto is that the whole training programme is designed to create a change in mindset. By the time students graduate, they have the confidence to... participate as equals in the global tech community.”
Pesto's hiring partners include Mimir HQ, Vaynermedia, Fossa.ai, Scale API, Embibe and Zinc.io. It is set to open a training centre in Bengaluru with a batch of 30 engineers starting this month.