Awign Enterprises Pvt. Ltd, a Bengaluru-based operations and sales outsourcing startup, has raised about Rs 90 lakh ($140,000) from a clutch of angel investors, the company's chief executive told VCCircle.
The investors include IIT Ropar, besides US- and Bengaluru-based current and former executives of a cloud company, including Imanpreet Singh Arora and Sidharth Rozario, as well as entrepreneur Saurabh Abichandani. Shikhar Gupta, who works for a hospitality-tech venture in India, also participated in this round.
Annanya Sarthak, co-founder and chief executive of the company, said he will be using the money to further expand operations. The company is currently present in over 120 cities, across 12 states.
Awign is also in the middle of raising a bridge round. Sarthak said many venture capitalists were interested in funding the startup during a Series A round, which he expects to close by January 2018.
Awign works on executing business development and operations for its client organisations, and charges them on the basis of the deliverables. It also trains college students through its online do-it-yourself platform and employs them as interns for the outsourced work. The Awign app helps the company track the progress of the interns.
The company charges an average of Rs 190 for each transaction or deliverable. The average volume of transactions currently stands at 220 per day, Sarthak added. It currently has 17 clients, including mobile wallets and e-commerce players.
The startup claims to “relieve the clients off their operational headacheâ€. “We are a bottom-line-intensive business model with profits from each project,†said Sarthak.
Sarthak claimed the company’s revenue has been consistently rising. It posted a top line of Rs 5 lakh per month during June and July. In August, its revenue has crossed Rs 12 lakh, he said.
The startup was founded in July 2016 by Sarthak and his friends from IIT Ropar, Gurpreet Singh and Praveen Sah. The firm competes with the likes of TeamLease and Adecco.
In June, another enterprise human resources management startup, Darwinbox Digital Solutions Pvt. Ltd, secured $4 million in its second round of external funding from a clutch of investors.