GigIndia – a Pune-based B2B gig marketplace – has announced an additional influx of funding from new angel investors, closing Series A funding at Rs 7.6 Crore. The company recently reported strong business growth and recovery from the impact of COVID-19. By end October, GigIndia bounced back to its pre-COVID level and has been growing fast with contracts for next year already in place with large enterprises.
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 the high standards of quality.
With more than 800,000 gig workers registered on the platform across 200-plus cities in India, the Despite 80% loss in business due to lockdown in March, GigIndia closed November with the highest revenue ever. The Company also provided meaningful employment avenues to job seekers by completing 13million 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. GigIndia’s business model and fast-paced growth have motivated large enterprises to sign contracts with the organization for next year. Further, while companies across industries were facing business losses and had furloughed employees, GigIndia maintained its workforce and abstained from any layoffs. In fact, the Company doubled its team during the last 8 months.
GigIndia’s business model, strong growth, improved margins, technological advancement and great customer experiences have attracted additional funding 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 next 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.
Elaborating on the announcement, 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.”
Aditya Shirole Co-Founder & COO, GigIndia added, “The Gig Economy has played a major role in keeping operations ticking during the COVID-19 outbreak. Representing the next phase of the industry’s exponential growth trajectory, GigIndia is addressing a massive market with its unique service offerings empowering employers and also enabling flexible livelihood options and easy work access to a large section of young workers seeking gainful opportunities. We are thankful to Anjali Bansal and Vineet Patni for believing in us.”
In July this year, the Company raised pre-Series A funding led by Japan-headquartered Incubate Fund India with participation from Beyond Next Ventures and existing angel investors, including former TCS CEO, S Ramadorai.
“GigIndia has been successful in empowering enterprises to scale effectively during the pandemic thereby providing meaningful employment avenues to job seekers. The company has seen consistent business growth, even through the pandemic, and we are sure this trend will improve with time. We are excited to have Anjali and Vineet join us as investors in the company. Their vast experience and knowledge will help GigIndia grow manifold in the future.” said Nao Murakami, Founder & General Partner – Incubate Fund India.
The startup leverages technologies such as machine learning and artificial intelligence in offering faster turnarounds and quality checks.