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Blue-collar recruitment platform WorkIndia has recently raised funding led by PERSOL Group, a major comprehensive human resources service provider in the APAC region, the company said on Monday. The company plans to direct the funds towards extending its product and fraud detection technology across PERSOL’s operations in 13 countries and regions globally.
Incepted in 2015, WorkIndia is the brainchild of Moiz Arsiwala, Kunal Patil and Nilesh Dungarwal. It leverages a fully automated system rooted in dynamic algorithm-based hiring and geo-tagging that helps them to connect recruiters and job seekers.
Moiz Arsiwala, Co-founder, WorkIndia, said, “We have been immensely methodical in our approach, right from building a product-market fit, scale, and monetisation to currently hitting high unit economics. With the necessary steps done and massive data collected (450 million data parameters by our proprietary matching jobs engine), we are ready to scale today. With their massive financial resources, Persol is a perfect partner for us at this stage.”
Shingo Ishida, Partner, PERSOL Venture Partners, said, “PERSOL’S technology and product team had multiple detailed conversations to understand WorkIndia’s technology and the backend core truly, and we came out highly impressed. We look forward to investing in WorkIndia throughout their future journey and supporting them financially as they progress towards this journey.”
WorkIndia’s fraud detection technology is an extensive fraud technology system that processes 9.8 million data parameters.
Jaimit Doshi, Senior Brand and Strategy Expert, said, “Posting of fake jobs is a very India-specific phenomenon. No company to date has been able to filter out fraudulent jobs in India technologically. WorkIndia, in the past six years, has built a solid and complex technology system to filter out frauds. This system is one of the primary reasons behind 50 per cent organic blue-collar worker downloads that WorkIndia gets every month.”
‘Fast-growing revenue model’
Keshav Sanghi, ex-Managing Director, Goldman Sachs, India, and Founder at Venture Works, said, “Achieving top of the funnel scale in the blue-collar segment is relatively easy. Historically, what has been challenging is monetising this scale. WorkIndia has been one of the few companies that built a successful and fast-growing revenue model in this industry. Not only do they have sizable revenues, but their unit economics have been extremely high with gross margins exceeding 80 per cent every month.”
Apart from this funding development, WorkIndia has achieved six notable funding rounds, with the past five led by VC Investors, it said. Some of its notable investors include Beenext, a tech-based VC based out of Singapore, Smartphone maker Xiaomi and Asuka Asset Management, Japan’s one of the most renowned hedge funds. Its angel investors include Keshav Sanghi, ex-India Country Head, Goldman Sachs Equity Division, Satyen Kothari, Founder of Citrus Pay and Vikram Limaye, MD, and CEO of NSE, among others.
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