Awign raises $15M in Series B led by Bertelsmann India, Amicus Capital
Gig platform Awign plans to deploy the fresh funds to enhance its technological capabilities, expand digital services into global markets, and bolster supply and demand acquisitions.
Thursday August 25, 2022,
3 min Read
Bengaluru-based work fulfillment platformon Thursday announced that it has raised $15 million in a Series B round co-led by and Amicus Capital Partners, along with Mynavi Corporation and existing investors - , and the Michael & Susan Dell Foundation (MSDF).
The advisory for the transaction was led by a private wealth management firm, Client Associates.
Awign plans to deploy the fresh funds to enhance its technological capabilities, expand digital services into global markets, and bolster supply and demand acquisitions.
Founded in 2016 by IIT alumni Annanya Sarthak, Gurpreet Singh, and Praveen Sah, Awign Enterprises operates as a work fulfillment platform focussed on the gig workforce. The startup says it has one million gig partners, over 100 large marquee enterprises as customers, and nine core enterprises functions
The startup solves end-to-end outcome-based execution along with discovery, deployment, and payroll management.
Speaking on the fundraise, Annanya, CEO and Co-founder, Awign says, “At Awign, we believe that any complex work across all skill levels can be configured and gigified into simpler tasks. We’re leading the gig work transformation in India through our proprietary no-code tech stack, which enables end-to-end work execution along with managing our gig partners' entire lifecycle.
“While the average payouts for our gig partners have grown 2X in the last 24 months, the new funds will help us enable a larger pool of gig partners to find employment opportunities and earn their livelihoods in a sustainable way,” adds Gurpreet, CRO and Co-founder, Awign.
Commenting on the investment, Pankaj Makkar, Managing Director at Bertelsmann India Investments says, “In an era when India is reimagining the future of work, we see massive opportunity. Today, India’s gig economy is worth $20 billion with almost eight million gig workers. Awign has pioneered enterprise-focused gig work solutions by addressing complex business requirements, through its network of 1 million + gig workers. We are excited to partner with Sarthak, Gurpreet & Praveen, creating success stories for enterprises with their unparalleled understanding of the market.”
“Awign solves a critical pain point for enterprises by digitising and executing tasks in a cost-efficient manner. Their digital-first business model has scaled rapidly leveraging both technology and the growing population of gig workers,” adds Mahesh Parasuraman, Co-Founder & Partner at Amicus Capital India.
The company has previously secured ~ $7.3 million in funding from the country’s top VCs such as Michael & Susan Dell Foundation, Unitus Ventures, Lumis Partners, Work10M, Eagle10 Ventures, Blacksoil, and Stride Ventures.
Edited by Affirunisa Kankudti