BlackSoil has invested Rs 4 crore into Awign Enterprises Private Limited as a venture debt facility. Awign has previously closed its pre-series B round from Unitus Ventures, Michael & Susan Dell Foundation, Lumis Partners, and Eagle 10.
Annanya Sarthank, Awign’s co-founder, said the funds received will help the company scale up faster and will be used for working capital requirements and business expansion. “We are hoping for many years of fruitful relationship with Blacksoil and looking to grow with investors who have put their belief behind our business model.”
Ankur Bansal, co-founder and director – BlackSoil, said Awign has built an innovative model that delivers high value to the clients while providing employment and skilling opportunities to the Indian youth. “Post-COVID, there has been a wide adoption of gig workers and it is our pleasure to partner with Awign to help them grow in this disruptive industry pivoted from strong growth,” he said.
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Awign, which was founded in 2016 by IIT-alumni Annanya Sarthak, Gurpreet Singh and Praveen Sah, fulfils on-the ground tasks required by businesses through a network of skilled and trained gig workers, and the clients are billed based on successful outcomes as opposed to work hours. It has registered workforce of 6.5 lakhs gig workers across 450 cities in India and has completed over 50 lakh tasks to-date. Awign’s clients operate in sectors including FMCG, BFSI, e-commerce, Fintech, EdTech, Assessments, and Logistics. The company also provides work opportunities to college students, graduates, and women wanting to come back to work and is solving for unemployment, under-employment, and skilling problems in the country.
BlackSoil is a sector agnostic alternative credit platform. It recently raised Rs 110 crore in the first close of its maiden secured BlackSoil India Credit Fund and has deployed Rs 950 crore in last four years across 70 plus transactions.
