Quess Corp picks 49 pc stake in gig economy startup Taskmo for Rs 10 crore
Quess Corp, a business services provider, has picked up 49 percent stake in , a gig economy startup at a valuation of Rs 10 crore.
The investment by Quess into Taskmo marks the former’s entry into the digital gig economy and also augments its range of HR services to provide skilled professionals for permanent, temporary and on-demand basis.
Founded in 2016 by Prashant Janadri and Naveen Ramachandran, Taskmo is a B2B gig marketplace which leverages technology to screen, train, manage and deploy grey collar professionals. As of Dec 31, 2020, about half a million gig workers and over 150 companies had signed up with Taskmo.
Following this transaction, Quess expects multiple synergies where it gives them an entry into the Indian gig economy, which is estimated to reach $4 billion by 2025, deepens its engagement with existing clients where it sees a recurring demand for task-based flexi staffing, and lastly it also accelerates growth of Taskmo via accelerated customer acquisition.
On the partnership with Taskmo, Quess Corp Group CEO Suraj Moraje said, “Task-based work models are here to stay, and will augment existing labour models. This investment will add to Quess’ growing digital arsenal, alongside WorQ, Qjobs and MarQet. We are excited to be accelerating this young and visionary team and look forward to winning together.”
Taskmo co-founder Prashant Janadri said, “We are excited about partnering with the country’s largest private sector employer. We believe Taskmo’s digital-first approach combined with Quess’ scale will form a formidable force in digital workforce management. This partnership marks a pivotal point in our journey towards making access to jobs a fundamental right for every Indian, and inspires us to work doubly hard.”
Meanwhile, Quess also announced its third quarter results reporting a 39 percent decline in profit after tax to Rs 46 crore. The company''s profit after tax (PAT) stood at Rs 75 crore in the same quarter a year ago.
The revenue from operations dipped by 5 percent during the third quarter to Rs 2,808 crore compared to Rs 2,950 crore in the year-ago period.