Gigforce raises $3 million in pre-Series A funding
Gigforce, an on-demand staffing startup has raised $3 million (about ₹22 crore) in pre-Series A funding from venture capital funds Endiya Partners, Unitus Ventures, and others.
The Gurugram-based firm, which provides pre-screened and pre-trained gig workers to various enterprises said the fresh corpus will be used to strengthen its technology platform and for expansion to newer cities.
The startup is growing 2X on a quarter-on-quarter basis and with a huge demand surge since post-covid recovery, Gigforce is set to grow at a rapid clip to cross ₹100 crore annual run rate (ARR) soon.
“The market is underserved today because of the lack of suitable technology to manage scale. This is set to change with strong tailwinds, including the proliferation of inexpensive smartphones…access for blue and grey collar workers, maturing tech platforms, simplification of labor codes, and the huge growth trajectory," said Chirag Mittal, co-founder and chief executive of Gigforce.
Mittal also added that with this fundraise, the company plans to strengthen the team and technology and rapidly scale pan-India in the next few quarters.
“Gigforce is clearly emerging as a category leader in tech-driven staffing for gig workers. While there are players focusing on recruitment (discovery), fulfillment or adjacent services, there’s no market leader for on-demand, B2B, platform-driven staffing. The Gigforce team brings deep domain knowledge and has exhibited phenomenal business momentum in a short cycle," shares Abhishek Srivastava, director, Endiya Partners.
Surya Mantha, Senior Partner, Unitus Ventures, said, “Gigforce is disrupting the over $10 billion staffing industry…Over the last few years, Indian businesses have experienced the need for and recognized the potential of gig work. The speed at which Gigforce has catered to the rapid and diverse demand created during the pandemic shows their future-ready approach and scalability. And this is only the beginning."