SUMMARY
The company plans to use the funds for product development
The company has completed 5 Mn tasks through its over 500K workforce
It plans to grow 10x within the next financial year
Bengaluru-based Awign Enterprises has raised $4 Mn in Series A funding round. The investment has been led by Work10M, with participation from Michael and Susan Dell Foundation, Eagle10 and existing investors Unitus Ventures.
The company plans to use the funds for product and business expansion. Awign aims to invest in technology and strengthen its app while also developing robust sales and marketing channels.
Founded in 2016 by Annanya Sarthak, Gurpreet Singh and Praveen Sah, Awign is a tech platform which helps gig workers get work through businesses. Awign’s on-field services include audit and diligence work, as well as new business development.
Rahil Rangwala, director of programs at Michael and Susan Dell Foundation said that Awign’s innovative model provides measurable value to large companies and simultaneously impacts a distributed workforce at scale.
The company has reached across sectors with clients like Swiggy, Oyo, Accenture, BCG, Raymond, Wipro, Udaan on a PAN India basis with the help of over 400K registered supply base spread across more than 300 cities. The website shows that the company has completed 5 Mn tasks through its over 500K workforce.
The company plans to grow 10x within the next financial year and make some strategic acquisitions.
Shelly Singh, founding partner at Work10m said, “Gig economy is how the workforce will be shaped in times to come and will create disproportionate opportunities for enterprises.”
With India’s growing unemployment rates and high demographic dividend, the potential market for gig workers or freelancers does seem promising. A 2018 global study by PayPal has showed that one in every four freelancers globally is from India. Some of the major players in the gig economy enablers include GigIndia, Tapchief etc.
According to the Professional Gig Economy 2018-19 Report Card’ by gig platform Flexing It, nearly 72% of all gig projects were in large corporates and professional service firms in 2018-19 compared to 52% two years ago. It is also estimated that the Indian freelancer market will grow to a whopping $20-30 Bn by 2025.
