Gig worker platform Awign raises $15M in Series B funding led by Bertelsmann India, Amicus Capital
- ByStartupStory | August 25, 2022
Bertelsmann India Investments & Amicus Capital Partners led the $15 million Series B investment round for Gig Worker Platform Awign. The round was also attended by Mynavi Corporation and previous investors, Unitus Ventures and Michael & Susan Dell Foundation (MSDF). Awign intends to use the cash raised to enhance technology capabilities, expand digital products, and strengthen supply and demand acquisitions.
“Today, India’s gig economy is valued at $20 billion, with around 8 million gig workers.” Awign has pioneered enterprise-focused gig labor solutions by solving company needs through its network of 1 million+ gig workers. “We are pleased to collaborate with Sarthak, Gurpreet, and Praveen in producing success stories for firms with their exceptional market insight,” said Pankaj Makkar, managing director of Bertelsmann India Investments.
Awign, founded in 2016 by IIT Ropar grads Annanya Sarthak, Gurpreet Singh, and Praveen Kumar Sah, is an on-demand task fulfillment platform. Gig workers assist businesses in managing operations such as last-mile deliveries, company growth, and audits. Awign currently provides services in various industries, including evaluation, entertainment and media, AI/ML data operations, automotive, electrical, construction, and FMCD, among others.
Awign will launch Awign Expert in 2021 to assist businesses in hiring expert individuals on a contract basis. According to the startup, Awign Expert has grown by 36% MoM since its beginning. Awign claims to have an extensive network of over 1 million gig workers and over 100 clients, essentially businesses that want gig employees.
Furthermore, Awign claims to have a presence in over 500 cities and 12,000 postcodes in India. It intends to add over 500K gig workers to its network each year over the next five years. The Michael and Susan Dell Foundation, Unitus Ventures, Lumis Partners, Work10M, Eagle10 Ventures, Blacksoil, and Stride Ventures are among its investors.
It competes with grey-collar workers-focused recruiting platform VOIZ as well as grey and blue-collar workers-focused recruitment company Apna in the gig economy. The Indian gig economy employed 7.7 million people in 2020-21. According to one estimate, the country’s gig economy would employ 23.5 million people by 2029-30.
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