Returning investors back jobtech startup Awign
Bengaluru-based Awign Enterprises, which operates an eponymous gig workforce platform, has raised an undisclosed amount from returning investors Unitus Ventures, Eagle10 Ventures, and the Michael and Susan Dell Foundation.
The firm, in a statement, said it would use the funds from the latest round, dubbed a pre-Series B round, to expand its presence, as it looks to tap into the increasing demand for last-mile delivery in the APAC region, as well as introduce new products.
It also looks to expand its reach to 15,000 pincodes from the current 7,000, as well as execute 10 million tasks in the next two years, the statement said.
The company, which claims to have onboarded 90,000 gig workers during the pandemic, said the average income of its supply-chain partners had doubled in the past one year, compared to pre-pandemic levels.
In December 2019, Awign had raised $4 million in Series A round, $3 million in August 2019 and $784,500 seed capital in 2018, as per VCCEdge data.
Awign was founded in 2016 by IIT alumni Gurpreet Singh, Annanya Sarthak and Praveen Sah. It offers to get enterprise functions executed through a distributed workforce. Its on-field services include audit, diligence and new business development.
“As the country adapts to the steadiness of a less-contact world, we see large-scale demand for conventional and new gigs. This has confirmed the outlook we had about rapidly deploying demand-based gig jobs,” Sarthak, co-founder and CEO of Awign, said.
Awign also trains candidates on its platform and bills businesses for outcomes instead of work hours. The company works in the verticals of edtech, ecommerce, hospitality, BFSI, IT and fintech, serving clients such as Swiggy, OYO, Accenture, BCG and Udaan.
“Their (Awign’s) revenues dropped 96% during the lockdown. By managing costs and addressing new customer requirements, they recovered to pre-Covid levels in just six months,” Will Poole, co-founder and managing partner of investor Unitus Ventures, said.