[Funding alert] GigIndia raises Rs 7.3 Cr in pre-Series A round led by Incubate Fund
GigIndia, the Pune-based tech startup with focus on gig economy jobs, has raised Rs 7.3 crore in pre-Series A funding round led by Japan-headquartered Incubate Fund India with participation from Beyond Next Ventures.
The startup, which had earlier raised two seed rounds of funding, also saw the participation of existing angel investors – former TCS CEO, S Ramadorai; Kiran Deshpande – former CEO of Tech Mahindra; Ravi Nigam, former MD & Co-founder of Tasty Bite Eatables; and Shashank Deshpande, Co-founder of Clarice Technologies. Besides, other angel investors like Sakshi Gudwani, Senior Program Officer, Gates Foundation and Dr Pratap and Shantanu Deshpande, CEO of Bombay Shaving Company, also participated in the round.
Lead Advisory acted as the sole financial advisor to GigIndia for its latest round of fund raising.
GigIndia was part of Yourstory’s Tech 30 startup list for 2019. The startup plans to use this funding in the areas of technology, team, and brand building.
Founded in 2017 by Sahil Sharma and Aditya Shirole, GigIndia is a marketplace that provides on-demand work completion for companies through a gig workforce of jobseekers. The startup leverages technologies like machine learning and artificial intelligence for faster turnaround and quality check.
GigIndia is a platform for both freelancing as well as long term jobs.
On the investment into GigIndia, Nao Murakami, Founder & General Partner - Incubate Fund India, said, “Gig work platforms provide massive opportunities for workers, and give flexibility and efficiency for corporates. Hence, it has emerged rapidly across the world. However, in fast-growing and diverse countries like India, quality control of outputs is always an issue. GigIndia is solving this issue by standardising the quality of outputs through highly automated processes enabled by tech.
GigIndia’s platform allows for companies to drive results faster without being burdened by issues like recruiting, training and managing the workforce.
“We have 750,000+ screened, trained workforce across 200+ cities in India. With our technology, we are able to train and manage the workforce at scale to drive results for large enterprises. The enterprises only pay for results and not for workforce deployed,” said Sahil Sharma, Co-founder of GigIndia.
Today, in the current environment of COVID-19, remote working has come to the centre stage and the gig model has increasingly taken the precedence for the corporates. GigIndia plans to tap into the opportunity with models like pay-per-result, where corporate will be charged only for successful results, which removes the cost of hiring and overhead of managing the workforce.
GigIndia Co-founder Aditya Shirole said, “While empowering large enterprises to scale effectively, GigIndia also provides meaningful employment opportunities to job seekers across India through gigs (micro jobs).”
Edited by Kanishk Singh