Tech-led jobs platform Awign has raised funds from existing investors Michael and Susan Dell Foundation, Unitus Ventures, and Eagle10 Ventures that will be used to finance its expansion to more cities and introduce new services.
The company, however, did not disclose the amount of funds raised in the latest pre-series B funding round. Till now, it has raised about USD 4.9 Mn, including the latest round.
Set up by Annanya Sarthak, Gurpreet Singh, and Praveen Sah in 2016, Awign has worked with over 1.5 lakh people, and grown 25x in the last 2 years. Currently, it manages a diverse fleet of trained gig workforce across more than 7,000 pin codes in India.
Awign Co-founder and CEO Annanya Sarthak stated, “In the new normal, strong on-ground last-mile assignments and supply-chain support emerged as the backbone of many businesses. As the country adapts to the steadiness of a less-contact world, we see large-scale demand for conventional – last-mile delivery, retail/restaurant audits etc and new gigs – online video content monitoring, online exam proctoring etc.”
He added that the platform wants to emerge as the largest platform in the world for the gig workforce. The funds will be utilized to increase Awign's presence in more than 15,000 pin codes, execute 10 million tasks in 2 years, and introduce new products to adapt and suit rapidly evolving business needs.
Will Poole, Co-Founder and Managing Partner at Unitus Ventures said Awign has shown consistent evolution of its services' efficacy, has strengthened its gig supply side, and is rapidly building trust on the demand side.
"Their revenues dropped by 96 percent during the lockdown. By managing costs and addressing new customer requirements, they recovered to pre-COVID levels already. This proved their mettle as a gig economy leader and has reaffirmed our confidence in the business,” Will added.
Awign's gig candidates are trained and engaged to complete these tasks on the platform. Businesses are billed for outcomes, and not work hours - which proves more economical for them. Awign's services are utilized by companies across sectors like edutech, content marketing platforms, hospitality, e-commerce, mobility, IT, BFSI, fintech, and others. Prominent customers include names like Swiggy, ITC, Big Basket, Britannia, and Aditya Birla Capital. The funding comes as yet another validation of the rising importance of the gig economy, exacerbated by the pandemic.