Awign Enterprises Pvt Ltd, which operates a work fulfilment platform focussed on gig workforce and last-mile delivery, has raised an undisclosed sum as part of a pre-Series B round of funding, the company said on Friday.
Participating investors in this exercise include existing backers such as Unitus Ventures, the Michael & Susan Dell Foundation (MSDF), and Eagle10 Ventures.
This development comes nearly a year after Bengaluru-based Awign raised $4 million (around Rs 28.27 crore) in a Series A funding round. Work10M, MSDF, Eagle10 and Unitus Ventures contributed to that infusion.
Awign was set up in 2016 by Annanya Sarthak, Gurpreet Singh, and Praveen Shah. The company says it fulfils on-the-ground work required by businesses through a network of skilled and trained gig workers.
It says clients are billed on outcomes as opposed to a work hours basis, and that its clients operate in sectors including education-technology, hospitality, e-commerce, mobility, information technology, and financial technology.
It will use the capital it has raised to increase its presence in more than 15,000 pin codes across the country, as well as execute 10 million tasks in two years and introduce new products to adapt to business demands.
“Their [Awign’s] revenues dropped by 96% during lockdown. By managing costs and addressing new customer requirements, they recovered to pre-Covid levels in just 6 months. This proved their mettle as a gig economy leader and has reaffirmed our confidence in the business,” Unitus Ventures co-founder and managing partner Will Poole said.
According to VCCEdge, the data research arm of Mosaic Digital, Awign posted net sales of Rs 8.66 crore for the 2018-19 financial year, with losses of Rs 2.2 crore for the same period.
In August last year, VCCircle reported that the company had secured money from a homegrown investor as part of its Series A funding round.
Before that, in January 2018, Awign raised Rs 5 crore ($784,500) from early-stage investor Unitus Seed Fund and other angel investors. In August 2017, VCCircle exclusively reported that Awign had raised about Rs 90 lakh ($140,000) from a clutch of angel investors.
