Gig work platform Awign has raised USD 15 million (about Rs 120 crore) in a funding round co-led by Bertelsmann India Investments and Amicus Capital Partners, the company said on Thursday.
Mynavi Corporation and existing investors Unitus Ventures and the Michael & Susan Dell Foundation (MSDF) also participated in the round. Awign plans to deploy the raised funds in enhancing technological capabilities, expanding digital services into global markets, and bolstering supply and demand acquisitions, a company statement said. While the enterprise-focused gig platform will continue to penetrate further into its domestic market, it is also looking to leverage India’s large pool of gig workers to solve problems for organizations across the globe.
In the last two years, Awign claims to have recorded a 10-fold growth in revenues and registered over 1 million gig workforce partners. Awign aims to add over 500,000 annually active gig partners by 2025 to achieve more than 300 million tasks, the statement said. The company has established trust in the enterprise-focused gig ecosystem with a stellar clientele including names like Infosys, Mahindra & Mahindra, Tata Group, Swiggy, Byju’s, Britannia etc.
“The new funding will further enable us to strengthen our tech capabilities, and expand our demand and supply pool in both domestic and international geographies. While the average payouts for our gig partners have grown 2 fold 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,” Awign Co-founder and CRO Gurpreet Singh said in the statement.
Bertelsmann India Investments, managing director, Pankaj Makkar asid that India’s gig economy is worth USD 20 billion with almost 8 million gig workers. “Awign has pioneered enterprise-focused gig work solutions by addressing complex business requirements, through its network of over 1 million gig workers,” Makkar said.