- Plans to use the funds for strengthening technology platforms, train gig workers and scale to multiple cities.
- Within 12 months, the platform has achieved INR 25 Cr ARR, while growing 2X QoQ with marquee customers such as Delhivery, Flipkart, BigBasket, FreshToHome, and Grab.
- Gigforce is on track to cross INR 100 Cr ARR soon.
September 7th, Gurugram: Gigforce, an on-demand staffing platform providing pre-screened and pre-trained gig workers, or “gigers”, to various enterprises, has raised USD 3 million (around INR 22 crores) in pre-Series A funding led by Endiya Partners. Existing investor Unitus Ventures and key angels also participated in the round.
Unlike listings, classifieds, lead sharing or job-search platforms, Gigforce provides full-stack staffing solutions. It employs a simple yet massively scalable revenue model of charging its clients a percentage of giger payouts.
Commenting on the fundraise, Chirag Mittal, Co-founder & CEO, Gigforce, said, “The market is underserved today because of the lack of suitable technology to manage scale. India’s top five staffing companies together just about manage a workforce of one million. This is set to change with strong tailwinds, including proliferation of inexpensive smartphones, ubiquitous Internet access for blue and grey collar workers, maturing technology platforms, simplification of labor codes, and the huge growth trajectory India will witness in the next ten years.” He further added, “With this fundraise, we plan to strengthen our team and technology and rapidly scale pan-India in the next few quarters.”
Within a short span of twelve months, Gigforce has achieved an annual run-rate (ARR) of INR 25 Crore. The company is growing 2X on a quarter-on-quarter (QoQ) basis. With a huge demand surge since post-Covid recovery, Gigforce is set to grow at a rapid clip to cross INR 100 Cr ARR soon.
“Gigforce, well beyond the product market fit, is clearly emerging as a category leader in tech-driven staffing for gig workers. While there are players focusing on recruitment (discovery), fulfilment or adjacent services, there’s no market leader for on-demand, B2B, platform-driven staffing. With a potential to service up to 90 million jobs in India and contribute an incremental 1.25% to India’s GDP over 8 to 10 years, there exists a huge opportunity waiting to be tapped. The Gigforce team brings deep domain knowledge and has exhibited phenomenal business momentum in a short cycle, while creating a huge impact for gig-workers, both professionally and personally,” added Abhishek Srivastava, Director, Endiya Partners.
Staying invested further, Surya Mantha, Senior Partner, Unitus Ventures, said, “Gigforce is disrupting the $10+ billion staffing industry by architecting the “future of work”. Over the last few years, Indian businesses have experienced the need for and recognized the potential of gig work. The speed at which Gigforce has catered to the rapid and diverse demand created during the pandemic shows their future-ready approach and scalability. And this is only the beginning.”
The Gigforce model
Gigforce is unique because of its deep-data based approach and tech-driven capability to optimally allocate skilled gigers to the right gigs, while also managing rewards, recognition, behaviour, payouts and benefits. It is able to manage the complete lifecycle of a gig, from sourcing, onboarding, e-KYC, rostering, tracking, and payouts, with its seamless technology platform, making it far superior to existing staffing providers in the market.
Gigforce follows a vertical-specific strategy and currently focuses on the logistics sector. It already has more than 20 enterprise clients in this category across e-commerce, food and grocery deliveries. It serves aggregators, marketplaces as well as direct-to-consumer brands. Delhivery, Flipkart, BigBasket, FreshToHome, and Grab are among its many clients. Gigforce also focuses on specialised and fast-growing categories like electric vehicle (EV), (Original Equipment Manufacturers) OEMs and operators. Zyngo, MoEVing, ETO Motors and Zypp Electric are a few of their clients in this category.
Gigforce is confident of scaling up its platform and business to manage the full lifecycle of over one million gigers by 2025, targeting a flow of over $1 Billion on the platform.
The industry is led by the likes of publicly listed companies like TeamLease & Quess Corp and small localised staffing contractors. Goldman Sachs estimates the industry to grow by 6x to $60 billion by 2030.
Gigforce is an on-demand staffing platform offering curated and pre-trained gig staff on a task, hourly, weekly or monthly basis. It connects available gigers to short gigs in their locality spanning from a day up to a few months. Gigforce also ensures gigers proper training, documentation and payouts. More about Gigforce>
About Unitus Ventures
Unitus Ventures is the leading venture fund in India that supports early-stage edtech, jobtech SME-tech and fintech start-ups with India scale and global potential. Launched in 2012, Unitus Ventures is a founding member of Capria Network, the leading global network of emerging market fund managers collaborating to deliver superior returns and scaled impact. Unitus Ventures is based in Bangalore and Seattle. More at: https://unitus.vc and http://capria.vc/network