Gig work platform Awign raises $4 Mn in Series A funding
Awign, the Bengaluru-based startup that offers ‘Work Fulfillment’ platform to fulfill on-field enterprise functions through gig workforce has raised $4 Mn in a Series A funding round led by Work10M, Michael and Susan Dell Foundation, Eagle10, and existing investors, Unitus Ventures.
Founded in 2016 by IIT Alumni Annanya Sarthak, Gurpreet Singh and Praveen Sah, Awign has customers across FMCG, CPG, Retail, BFSI, Telecom, Ecommerce and Mobility sectors. Its clients include names like Oyo, Amazon, Uber, Barista, Raymond and Accenture, among others.
Awign through its tech platform takes up on-the-ground work from businesses and get it fulfilled through gig workforce. Its on-field services include Audit, Diligence and New Business Development. Reportedly, about half a million gig workers across India are associated with the startup. The platform allows them to get relevant tasks, get trained while they make money, and improve their skills.
Gurpreet Singh, Co-founder, Awign, said, “ Our strong technology-enabled platform with a unique offering of delivering ‘work’ and not ‘workforce’ has helped us build expertise and win the favour of marquee customers across FMCG, CPG, Retail, BFSI, Telecom, Ecommerce and Mobility sectors.”
As Awign looks to grow 10 times within the next financial year, and make some strategic acquisitions, it will use the latest amount of funding to strengthen its workforce-facing app and enterprise-facing platform, while also developing robust sales and marketing channels.
Employers have complained about the workforce not being job ready and the workforce has struggled to find opportunities to learn on the job. As the gap between the demand and supply in terms of quality of jobs and skills remains, platforms like Awign are much needed. Further, the gig economy is India is on the rise. A 2019 report by NobleHouse found that 73 percent of its respondents wanted to opt for freelance work over a conventional full-time job.
Shelly Singh, Founding Partner at Work10m said, “Gig economy is how the workforce will be shaped in times to come and will create disproportionate opportunities for enterprises.”
Hence, given the expected growth of gig economy, platforms like Awign who are focused on building innovative solutions to address this space are indeed required. However, as this soon seems to become a good market opportunity, more players might emerge in the space and enhance the current scale of competition. At present, there are a few others who offer similar services as Awign, like Glints and Noblehouse.