OnContract Gets Funding From UNILAZER Ventures and FACT Ventures
Ronnie Screwvala promoted UNILAZER and Vishal Gondal promoted FACT made an investment of approximate 15% into online startup, OnContract.com, for an undisclosed sum.
OnContract.com, earlier known as StaffOnContract.com is a contract staffing platform that addresses the growing challenges of getting quality contract staff by providing an organized internet based marketplace to get people on just-in-time and just-for-time basis.
OnContract.com, which was commercially launched in April 2011, has over 5500 registered members (companies) and over 2,000 individuals (willing to work on contract basis). OnContract.com is industry agnostic and categorizes itself based on functional roles; e.g Marketing, Sales, HR, Technology, Engineering, Accounting, Admin etc. Some of the leading industry players like IL&FS, Biocon, Suzlon, Larsen & Tubro Infotech, DTDC, Oberoi Hotels, Kraft Foods, HCL and many others are members of the platform.
While announcing the news about the funding, Chetan Indap, Founder & CEO, OnContract.com said, "Our key value proposition is centered around quicker, convenient and credible market for people on contract; across industries, roles and levels, irrespective of location within India. Contracting in India is growing at 20% CAGR and not too far in the future will match the levels attained by developed countries. OnContract.com has a first mover advantage in this space and with investors like UNILAZER and FACT backing us, we will be able to scale it further from this solid base.”
OnContract provides access to over 400 categories of skills across industries to help businesses implement their variable staffing strategies effectively. It is encouraging individuals to adopt contracting as an effective means to achieve their professional goals and be able to choose their type of work, price of work and time of work; enhancing their work-life balance.
The key business model is where Customers (companies) ‘Give Contracts’ and Contractors (individuals) ‘Win Contracts’. Currently the platform enables B2B and B2C collaboration with a plan to address C2B and C2C models in the near future. This funding is expected to be largely used for technology up gradation.
Check out OnContract.