Taskmo Founders Exit As Early Investor Quess Corp Seals Buyout

SUMMARY

Quess was an early investor in Taskmo, investing $1.4 Mn in 2021 followed by equity and debt rounds

Both Taskmo founders – Prashant Janadri and Naveen Ram – will see an exit post-completion of the acquisition by Quess

As claimed, the startup has seen hyper growth of 20X in the last two financial years

Listed business services provider and private sector employer Quess Corp Limited has bought Bengaluru-based gig economy platform Taskmo for an undisclosed amount.

As an early investor in Taskmo, Quess infused $1.4 Mn in 2021 followed by equity and debt rounds.

Both Taskmo founders – Prashant Janadri and Naveen Ram – will see an exit post-completion of the acquisition by Quess. The acquisition is expected to further strengthen Taskmo’s position in the market and accelerate its growth trajectory.

Founded in 2020, Taskmo was started as a Facebook page with the vision of revolutionising the gig economy. In the last three years, the Facebook page has evolved into a gig marketplace connecting marquee businesses with on-demand talent for various tasks and projects. Its mission is to digitise gig jobs for the next half a Bn internet users.

Taskmo uses artificial intelligence and a unique algorithm to help gig workers find both hyperlocal and digital tasks on their platforms. It provides real-time visibility for businesses to track tasks and enables trained gig workers to find work nearby.

The platform also provides training and upskilling courses to gig workers to prepare them for various tasks. Its services are also available across many regional languages.

The startup claimed to have seen a growth of 20X in the last two financial years. In a statement, Janadri also claims to have served more than 35,000 unique taskers or gig workers so far.

It completed 2 Mn+ tasks with the help of over 75,000 gig workers. Their clients range from startups to Fortune 500 companies, including Amazon, Flipkart, Tata Group, Reliance, Paytm, Byju’s, Uber, Ola, Swiggy, Zomato, SBI, Airtel, ITC, Bharatpe, Phonepe, BigBasket among others.

Taskmo is currently serving across 10,000 pin codes in the country.

In December 2021, global digital employment platform Monster.com, owned by Quess Corp raised INR 137.5 Cr ($18.1 Mn) in a funding round led by Akash Bhanshali (Volrado Venture Partners) and Mohandas Pai (Meridian Investments), with participation from Quess– Monster’s parent company.

Quess was listed on the Indian stock exchange in 2016 and is currently listed at a market cap of INR 8.33 TCr.