B2B gig marketplace GigIndia on Tuesday announced that it has raised fresh funding as part of its pre- series A funding and has closed the pre-series A funding at Rs 7.6 Crore. The company has raised fresh funding from angel investors Anjali Bansal and Vineet Patni.
The Pune based startup had announced pre-series A funding in July this year. At that time, the company had raised total 7.3 Cr in the round led by Japan-headquartered Incubate Fund India. Several angel investors including former TCS CEO S Ramadorai and Kiran Deshpande (former CEO, Tech Mahindra) had also participated in the round.
Commenting on latest fund infusion, Sahil Sharma, Co-Founder & CEO – GigIndia, said “With the additional funding, we plan to rapidly scale our business in the country while continuing to invest in talent and technology. We welcome both the investment support from Anjali Bansal and Vineet Patni, as well as the time and resources they invest in GigIndia’s business model and capabilities.”
Techpluto had done an exclusive interview with GigIndia’s co-founder Sahil Sharma last year. to read complete excerpt of the interview, click here.
GigIndia plans to use the freshly-raised funds in enhancing their technology platform for building a larger community of gig workers to serve contracts signed with the largest enterprises for next year.
The company has said that 80% loss in business due to lockdown in March, it had closed November with the highest revenue ever. The company has also observed that the number of gig workers from Tier 2/3/4 is rising steadily, rising from 5.22% in March 2020 to 58.11% in September 2020.
Further, a rise of 287% (~4X growth) in female gig workers on the platform was noticed in October 2020 vis-à-vis April 2020, the company added.
Additionally, the company shared 2020 year in review report with Techpluto. In this report, GigIndia claims to have achieved the following numbers in 2020:
- 2x growth in number of gigs (projects) completed in 2020
- 10x increase in quarterly client earnings (Q1 Fy19 to Q4 FyQ20)
- 25% increase in average monthly earnings of clients (referred as gigers)
Launched in June 2017 by Sahil Sharma and Aditya Shirole, GigIndia has emerged as one of the most promising startups in the Gig jobs marketplace.
Startups like GigIndia thrive on the concept of the gig economy that has gained popularity in the aftermath of the 2008-09 economic recession.
What is Gig Economy
Gig economy essentially refers to short-term contracts or freelance work jobs as opposed to permanent full-time jobs.