Awign Raises $15 Million in Series B Funding Round
Funds will be utilized to enhance technological capabilities, expand digital services into global markets, and bolster supply and demand acquisitions
Awign on Thursday announced to have raised $15 million in a Series B funding round co-led by Bertelsmann India Investments and Amicus Capital Partners, along with Mynavi Corporation and existing investors - Unitus Ventures, and the Michael & Susan Dell Foundation (MSDF). The advisory for the transaction was led by a private wealth management firm, Client Associates. Funds will be utilized to enhance technological capabilities, expand digital services into global markets, and bolster supply and demand acquisitions.
"The new funding will further enable us to strengthen our tech capabilities, and expand our demand and supply pool in both domestic and international geographies. While the average payouts for our gig partners have grown two times 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, CRO and co-founder, Awign.
"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 8 million gig workers. Awign has pioneered enterprise-focused gig work solutions by addressing complex business requirements, through its network of over 1 million gig workers," said Pankaj Makkar, Managing Director at Bertelsmann India Investments.
The company has previously secured an approximate of $7.3 million in funding from the country's top VCs such as Michael & Susan Dell Foundation, Unitus Ventures, Lumis Partners, Work10M, Eagle10 Ventures, Blacksoil, and Stride Ventures. In the last two years, Awign has witnessed 10 times growth in revenues with the completion of over 65 million tasks, a rising gig workforce of one million-plus partners and a rapid expansion in new revenue streams. The company has established trust in the enterprise-focused gig ecosystem with a stellar clientele including names like Infosys, Mahindra & Mahindra, Tata Group, Swiggy, Byju's, Britannia and Upgrad among others. Being the largest enterprise-focused gig platform in India, Awign boasts of its community of over one million registered gig partners across over 500 cities and over 12,000 pin codes in India. In the next five years, Awign aims to increase its gig partner network to add 500,000-plus annually active gig partners to achieve 300,000,000-plus tasks.