The startup will use the funding to scale geographically and expand from the garment industry to other categories
Founded in 2021, Smartstaff offers end-to-end solutions for recruitment, workforce management and retention
Smartstaff competes with the likes of KarmaLife, WorkIndia, BetterPlace, Apna and PerkFinance across its verticals
Bengaluru-based blue-collar staffing platform Smartstaff has secured $6.2 Mn in a Series A funding round from Nexus Ventures, Arkam Ventures, Blume Ventures and Alteria Capital.
Smartstaff will use the funding to scale up geographically and expand from the garment industry to other categories. The Series A funding round takes Smartstaff’s total funding raised to $10.5 Mn, as it had secured $4.3 Mn in a funding round in October 2021.
Founded in 2021 by Arpit Dave, Viral Chhajer, Gnanesh Chilukuri and Aravind Reddy, Smartstaff offers end-to-end solutions for recruitment, workforce management and retention to mid-sized and large manufacturing enterprises.
The startup offers payroll and compliance services to its clients, along with various benefits for workers, including instant advance salary, loans, leave bonuses, live chat support, an emergency SOS feature and a dedicated helpline for the specific needs of female workers.
Arpit Dave, cofounder and CEO of Smartstaff, said, “This investment serves as a testament to the immense value and potential that Smartstaff brings to India’s growing manufacturing industry. With the unwavering support of our investors, we are well-positioned to revolutionise and streamline the traditional staffing landscape”.
The startup claims to have trained 11,000 workers across 50 manufacturers over the past two years. Smartstaff focuses on recruitment, management and retention, enhancing workforce productivity and output. It counts Raymond’s, Cotton World, SuperDry and Marks & Spencers, as its clients.
Bala Srinivasa, MD, Arkam Ventures, added, “Over 100 Mn manufacturing workers in India are now digitally connected via smartphones and their participation in India’s public digital stack (Aadhar, UPI, among others). Smartstaff has leveraged this shift to building a platform that directly addresses massive challenges of worker productivity and attrition that plagues India manufacturing.”
Smartstaff competes with the likes of KarmaLife, WorkIndia, BetterPlace, Apna and PerkFinance across its verticals. The funding round comes when India’s startup ecosystem is suffering through a long-winded funding decline.
In the first half of 2023, Indian startups could only secure $5.4 Bn, a 10% and 25% decline in funding amount and deals, respectively, compared to H2 2022, according to Inc42’s H1 2023 Startup Funding Report.
