Blue-collar staffing platform Smartstaff, located in Bengaluru, raised $6.2 million in Series A funding from Nexus Ventures, Arkam Ventures, Blume Ventures, and Alteria Capital.
The Investment will help Smartstaff scale geographically and move beyond the apparel sector into other industries. With the Series A investment round, Smartstaff has now secured a total of $10.5 million, having previously secured $4.3 million in a funding round in October 2021.
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The company offers its clients payroll and regulatory services. In addition to a range of employee advantages like loans, leave bonuses, quick advance salaries, live chat assistance, a rapid SOS tool, and a helpline, particularly for the needs of female employees, as reported by Inc42.com.
Arpit Dave, cofounder and CEO of Smartstaff, said, “This investment serves as a testament to the immense value and potential that Smartstaff brings to India’s growing manufacturing industry. With the unwavering support of our investors, we are well-positioned to revolutionise and streamline the traditional staffing landscape”.
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The company says that over the previous two years, it instructed 11,000 staff at 50 manufacturers. Maximising staff efficiency and production, Smartstaff focuses on hiring, managing, and keeping employees. As customers, it has Marks & Spencer, Cotton World, Raymond’s, and SuperDry.
Bala Srinivasa, MD, Arkam Ventures, added, “Over 100 Mn manufacturing workers in India are now digitally connected via smartphones and their participation in India’s public digital stack (Aadhar, UPI, among others). Smartstaff has leveraged this shift to building a platform that directly addresses massive challenges of worker productivity and attrition that plagues India manufacturing.”
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KarmaLife, WorkIndia, BetterPlace, Apna, and PerkFinance are just a few of the companies that Smartstaff faces off with across all of its sectors. The fundraising round takes place at a time when the startup ecosystem in India is experiencing a slow fall in financing.
About Smartstaff
Arpit Dave, Viral Chhajer, Gnanesh Chilukuri, and Aravind Reddy established Smartstaff in In 2021 with the goal of assisting large and small manufacturing companies and 100 million blue-collar workers in India in finding better employment through the use of tech.
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