Blue-collar recruitment startup: WorkIndia secures $1.5 million in funding via Blacksoil
- ByStartupStory | April 19, 2022
On Tuesday, Eloquent Info Solutions Pvt Ltd, which runs blue-collar recruitment startup WorkIndia, said it has secured $1.5 million (around Rs 11 crore) funding via venture debt firm BlackSoil.
In order to expand its product footprint across India and ramp up its fraud detection technology, the Bengaluru-based startup plans to use the fresh proceeds.
WorkIndia founded in 2015 by Moiz Arsiwala, Kunal Patil and Nilesh Dungarwal, is focused on solving structural challenges faced by blue/grey collar employees by providing them a platform for accessing jobs.
The platform claims to have a presence across 600 cities, catering to about 1.5 million small and mid-sized businesses and around 25 million candidates.
The startup raised Rs 42 crore (approximately $5.89 million) from Xiaomi- Chinese technology and consumer devices conglomerate, in 2020.
From Singapore-based early-stage technology fund Beenext, it raised an undisclosed amount of funding and also from Japanese venture capital investor Asuka Holdings it raised an undisclosed amount in 2016.
In a pre-Series A funding round led by Citrus Pay founder Satyen Kothari, WorkIndia raised $500,000 (around Rs 3.25 crore) in 2015.
Currently, an alternative credit platform consisting of an RBI-registered non-banking financial company (NBFC) and four SEBI-registered alternative investment funds has been managed by Blacksoil.
Its notable investments include unicorns such as OYO Rooms, Udaan, Infra.Market, Zetwerk, and Spinny, among others.
Recently, growth capital of over $4.5 million (around Rs 34.2 crore) has been invested by Blacksoil Capital in three startups -BluSmart Mobility, BigHaat and LoanTap.
BlackSoil in January, announced that $80 million has been invested by it in 20 transactions in 2021, registering a 2.5 times growth in terms of value and in terms of volume of investments over 2020 by 1.8 times growth.
BlackSoil invested in LivFin India Pvt. Ltd, a financial technology firm focused on small and medium enterprises (SMEs), in the same month.
Follow Startup Story
Related Posts
