India Accelerator’s Growth Opportunities Fund backs on-demand workforce platform Avenue Growth

• ByStartupStory     |    February 10, 2023

Avenue Growth, an on-demand workforce platform, has recently secured a new round of funding led by India Accelerator and supported by prominent ventures such as Growth Opportunities Fund, IAES Ventures LLP, and the Ministry of Electronics and Information Technology.

Avenue Growth intends to use the funds for expanding its business areas, improving its technology platform and increasing its leadership team.

Established in 2019, Avenue Growth allows businesses to expand their operations efficiently by utilizing on-demand workers and providing them with the chance to become micro-entrepreneurs. The platform streamlines the process of finding, hiring, and managing flexible workers for companies.

The firm is actively broadening its range of services and intends to introduce new segments in the gig workforce domain. The acquired funds will be utilized for the expansion of these new segments, as well as enhancing its technology infrastructure and augmenting its top management team.

Rachit Mathur- Founder and CEO said, “We are delighted to partner with India Accelerator. They are the first institutional investors who are joining us on this journey and we are honoured to have them onboard. The team has been very supportive and is continuously helping us unlock more opportunities. This is the beginning of a new business journey and we look forward to working with them and building a strong business.”

Commenting on the investment, Deepak Nagpal, Managing Partner, India Accelerator, said, “India is an emerging gig economy, gaining overwhelming traction. Post the pandemic, the demand for the workforce started turning towards a mature side and it becomes imperative to make the market ready for disruption. There is an increasing demand for an on-demand workforce and we look forward to seeing Avenue Growth bridging the supply-demand gap while revolutionising the market for on-ground skilled workers.”

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