B2B gig marketplace GigIndia raises Rs 7.6 Cr in funding
Pune-based B2B gig marketplaceGigIndia has announced an additional influx of funding from new angel investors, closing Series A funding at Rs 7.6 Cr. The additional funding came from investors such as Anjali Bansal, Founder of Avaana Capital, and Vineet Patni, former President – Bajaj Allianz. The two angel investors have infused an undisclosed amount of funds into GigIndia’s long-term mission.
GigIndia plans to use the freshly-raised funds in enhancing their technology platform for building a larger community of gig workers to serve contracts signed with the largest enterprises for this year. As a B2B brand, GigIndia is bullish on the quality and speed of service it offers customers, generating revenues on a pay-per-result model.
Sahil Sharma, Co-Founder & CEO – GigIndia, said: “With the additional funding, we plan to rapidly scale our business in the country while continuing to invest in talent and technology. We welcome both the investment support from Anjali Bansal and Vineet Patni, as well as the time and resources they invest in GigIndia’s business model and capabilities.”
Launched in 2017, GigIndia empowers businesses to scale rapidly by providing on-demand work completion at scale via gig (variable) workforce for use cases such as sales, marketing, and operations. GigIndia eliminates the overheads of recruiting, training, and managing the workforce. The company’s technology-driven processes ensure businesses obtain the desired results with high standards of quality.
With more than 800,000 gig workers registered on the platform across 200-plus cities in India, and despite 80% loss in business due to lockdown in March, GigIndia closed November with the highest revenue ever. The platform also provided meaningful employment avenues to job seekers by completing 13 million gigs on the platform in the last 8 months, meeting the growing demand for remote work operations. GigIndia also observed that the number of gig workers from Tier 2/3/4 cities rose from 5.22% in March 2020 to 58.11% in September 2020. Further, a rise of 287% (~4X growth) in female gig workers on the platform was noticed in October 2020 vis-à-vis April 2020.
As the COVID-19 impact has fast-tracked remote operations, the company noted that 85% of its new customers are utilizing a flexible gig workforce for the first time to meet business objectives. The funding validates the rising importance of the gig economy on account of the COVID-19 outbreak. In July this year, the platform had also raised funds led by Japan-headquartered Incubate Fund India with participation from Beyond Next Ventures and existing angel investors, including former TCS CEO, S Ramadorai.