The hospitality industry plays a crucial role in the economy, providing employment opportunities and contributing to the overall growth of the service sector. However, the industry faces significant challenges, one of which is the high attrition rate of approx. 38%, with new employees constantly joining and leaving every month. This recurring challenge puts immense pressure on owners and HR teams to meet their hiring demands effectively.
Currently, the options available for recruitment in this industry are limited to agencies, employee referrals, and personal contacts. Despite these alternatives, the average time taken to complete hire for a restaurant or hotel ranges from 2 to 3 weeks. Moreover, a wrong hire can cost a substantial 130% of the recruitment cost, adding to the financial burden.
In this competitive landscape, Recipeat emerges as a community-based recruitment SaaS platform designed specifically for restaurants and hotels in the hospitality sector. Recipeat's streamlined application process ensures that right candidates are found by the right employers through their matchmaking algorithms. their technology deeply understands each candidate and matches them to the right opportunities based on skill, salary, experience,, and more. With their lightning-fast recruitment and data-driven candidate matching, Recipeat is poised to disrupt the market and redefine how employers find their ideal candidates.
Recipeat adopts a flexible and customizable subscription model, tailoring pricing based on the monthly hiring requirements of restaurants and hotels.
Recipeat is led by Adrien and Ram, who bring a unique combination of experience and expertise to the venture. Adrien has a background in finance and business operations, with previous experience in investment firms and a family history in the restaurant industry. Ram has a strong tech background, having previously founded a successful on-demand flower delivery business. Their complementary skills and shared vision position Recipeat for success.
The immense market opportunity for Recipeat lies in the scale of the hospitality industry itself. With approximately 120 million jobs across hotels, restaurants, bars, and cafes, the potential to address the hiring needs of establishments with 15 or more employees is substantial. In India alone, there are around 1.5 lakh restaurants meeting this criteria, presenting Recipeat with an estimated revenue opportunity of 520 crores per month through recruitment services alone.
Recipeat presents a compelling investment opportunity that addresses the hiring challenges faced by the hospitality industry. The platform's community-based recruitment solution, combined with its ability to facilitate faster hiring processes, has the potential to revolutionize the industry. With a substantial market opportunity and key partnerships, Recipeat is poised for growth. 100X.VC believes that Recipeat is on a path to success.
Considering Recipeat's innovative approach to addressing the recruitment challenges in the hospitality industry, its scalable business model, and the expertise of its founders, 100X.VC believes that Recipeat is on a path to success and is excited to support Recipeat in achieving its vision of transforming the hiring landscape for restaurants and hotels while unlocking new opportunities for job-seekers and business owners in the hospitality sector.