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HomeInsightFunding Alert Awign raises $15 mn in Series B round

[Funding alert] Awign raises $15 mn in Series B round

Work fulfillment platform Awign has raised $15 million in its Series B funding round from Bertelsmann India Investments and Amicus Capital Partners.

Work fulfillment platform Awign has raised $15 million in its Series B funding round from Bertelsmann India Investments and Amicus Capital Partners.

Other investors including vi Corporation and existing investors – Unitus Ventures, and the Michael & Susan Dell Foundation (MSDF), also invested in this round.

The startup plans to use the funds to enhance its technological capabilities, expand digital services to global markets, and enhance supply and demand acquisition.

Read also – [Funding alert] Data Security Startup Privado raises $17.5 mn in funding

The Bengaluru-based Awign Enterprises was founded in 2016 by IIT alumni Annanya Sarthak, Gurpreet Singh, and Praveen Sah, It uses a network of gig workers to complete the on-the-ground work required to be completed by the partner companies.

It solves search, deployment and payroll management as well as end-to-end results-based execution.

“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.

The company said it has completed over 65 million operations, partnered with over 1 million gig partners in 500+ cities and has seen rapid expansion in new revenue streams.

The startup claimed that its revenue has grown 10 times in the last two years. It plans to grow its gig partner network to over 5 lakh annually to be able to complete 300 million tasks.

“In an era when India is reimagining the future of work, we see massive opportunity. Today, India’s gig economy is worth $20 billion with almost eight million gig workers. Awign has pioneered enterprise-focused gig work solutions by addressing complex business requirements, through its network of 1 million + gig workers. We are excited to partner with Sarthak, Gurpreet & Praveen, creating success stories for enterprises with their unparalleled understanding of the market”, said, Pankaj Makkar, Managing Director at Bertelsmann India Investments.

Read also – [Funding alert] EV startup Ultraviolette Automotive raises funding

“Awign solves a critical pain point for enterprises by digitising and executing tasks in a cost-efficient manner. Their digital-first business model has scaled rapidly leveraging both technology and the growing population of gig workers,” said, Mahesh Parasuraman, Co-Founder & Partner at Amicus Capital India.

Previously, Awign had raised $7.3 million in funding from Michael & Susan Dell Foundation, Unitus Ventures, Lumis Partners, and others.

About Awign

Awign works with enterprises to take up intricate work across the service lines of auditing, diligence, assessments, proctoring, last-mile delivery, new business development, and digital gigs, which have to be done in distributed locations PAN India at a large scale.

They break it down into more uni-skill tasks and get them done – end to end – through highly trained gig workers who go on the ground and complete tasks in 400 cities PAN India.

On the other hand, they also manage the job cycle for gig workers end to end, starting from selecting correct gig workers to training them and getting them to complete tasks in the required quality in their locality. Awign also bills their enterprise customers only on the outcomes they get and not on the manhours.

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