Awign Enterprises Pvt. Ltd, which runs an eponymous on-demand work fulfilment platform, on Thursday announced that it has raised $15 million in a Series B funding round co-led by Bertelsmann India Investments and Amicus Capital Partners.
Mynavi Corporation and existing investors - Unitus Ventures, and the Michael & Susan Dell Foundation (MSDF) also participated in the mop-up. Client Associates, Investment Banking Arm led the advisory for the transaction
In December last year, VCCircle reported that Awign was all set to raise at least Rs 100 crore in funding in its Series B round.
With the funds, Awign plans to improve its technological capabilities, expand digital services into global markets and bolster supply and demand acquisitions. The company will also leverage India’s pool of gig workers to solve problems for global firms, it said in a statement.
“The new funding will further enable us to strengthen our tech capabilities and expand the demand and supply pool in both domestic and international geographies. While the average payouts for our gig partners have grown 2X in the last 24 months, the new funds will help us enable a larger pool of gig partners to find employment opportunities and earn their livelihoods in a sustainable way.” said Gurpreet Singh, chief risk officer and co-founder, Awign.
Set up in 2016 by Singh, Annanya Sarthak and Praveen Shah, Awign uses a network of gig workers to complete on-the-ground work needed to be fulfilled by partner companies.
The company’s clientele includes the likes of Infosys, Mahindra & Mahindra, Tata Group, Swiggy, Byju’s, Britannia and upGrad, among others.
“We’re leading the gig work transformation in India through our no-code tech stack which enables end-to-end execution of work along with management of our gig partners' entire lifecycle,” said Annanya Sarthak, chief executive officer and co-founder, Awign.
Bengaluru-based Awign claimed that its revenue grew 10x in the last two years. The startup said that it has completed more than 65 million tasks, partnered with over 1 million gig partners across 500+ cities and saw rapid expansion in new revenue streams. The company is planning to increase its gig partner network by 5 lakh plus annually to be able to fulfil 300 million tasks.
Prior to this round, the company had raised around $7.3 million in multiple deals spanning between 2017 and 2020. The company counts Michael & Susan Dell Foundation, Unitus Ventures, Lumis Partners, Work10M, Eagle10 Ventures, Blacksoil and Stride Ventures among its backers.
