Awign, a Bengaluru-based on-demand work fulfillment platform, announced that it has raised $15 million in its Series B round co-led by Bertelsmann India Investments and Amicus Capital Partners.
The round also witnessed participation from Mynavi Corporation and existing investors - Unitus Ventures, and the Michael & Susan Dell Foundation (MSDF). The advisory for the transaction was led by a private wealth management firm, Client Associates.
According to the company's statement, the startup plans to improve its technological capabilities, expand digital services into global markets and bolster supply and demand acquisitions. The company will also leverage India’s pool of gig workers to solve problems for global firms
Founded in 2016 by IIT alumni Annanya Sarthak, Gurpreet Singh, and Praveen Sah, Awign Enterprises operates as a work fulfillment platform focussed on the gig workforce. The platform solves end-to-end outcome-based execution along with discovery, deployment, and payroll management. Currently, it offers services across diverse industries such as the assessment industry, media and entertainment, AI/ML data operations, automotive, electrical, construction and FMCD, among others.
Commenting on the funding, Co-founder & CEO of Awign, Annanya Sarthak, said:
"At Awign, we believe that any complex work across all skill levels can be configured and gigified into simpler tasks. We’re leading the gig work transformation in India through our proprietary no-code tech stack, which enables end-to-end work execution along with managing our gig partners' entire lifecycle.
The startup's cap table includes Michael & Susan Dell Foundation, Unitus Ventures, Lumis Partners, Work10M, Eagle10 Ventures, Blacksoil, and Stride Ventures. In the gig economy, it competes with the likes of grey collar workers-focussed recruitment platform VOIZ and grey and blue collar workers-focussed recruitment startup Apna.
Adding further about the investment, Co-founder & CRO, Gurpreet Singh, said:
"While the average payouts for our gig partners have grown 2X 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 claims that its revenue grew 10x in the last two years. It also claims to have completed more than 65 million tasks, partnered with over 1 million gig partners across 500+ cities and saw rapid expansion in new revenue streams. The company is also planning to increase its gig partner network by 5 lakh plus annually to be able to fulfil 300 million tasks.
Pankaj Makkar, Managing Director, Bertelsmann India Investments, added:
"In an era when India is reimagining the future of work, we see massive opportunity. Today, India’s gig economy is worth $20 billion with almost eight million gig workers. Awign has pioneered enterprise-focused gig work solutions by addressing complex business requirements, through its network of 1 million + gig workers. We are excited to partner with Sarthak, Gurpreet & Praveen, creating success stories for enterprises with their unparalleled understanding of the market."
Mahesh Parasuraman, Co-founder & Partner of Amicus Capital India, also commented on the latest development, saying:
"Awign solves a critical pain point for enterprises by digitising and executing tasks in a cost-efficient manner. Their digital-first business model has scaled rapidly leveraging both technology and the growing population of gig workers."
Prior to the latest round, Awign had raised around $7.3 million in multiple deals spanning between 2017 and 2020. The company counts Michael & Susan Dell Foundation, Unitus Ventures, Lumis Partners, Work10M, Eagle10 Ventures, Blacksoil and Stride Ventures among its backers.