WorkIndia, a blue and grey-collar job portal, has raised $12 million in its pre-Series B funding from SBI Holdings, Tokyo, Yamauchi No.10 Family Office, the founding family of Nintendo, Persol, and Insitor.
The company will use the funds to strengthen its product and data science capabilities, as well as enter the previously untapped Southeast Asian blue-collar market, said Kunal Patil, co-founder and CEO of WorkIndia. “The blue-collar market has seen two phenomena — penetration and adoption.”
According to the platform, attrition is a major challenge for employers looking to hire blue-collar workers. A blue-collar worker spends more than 20 per cent of his monthly income travelling to work. A critical driver for reducing attrition is providing jobs near blue-collar workers.
WorkIndia has built a centroid-relative distancing technology system to reduce travel hassles for workers, thus reducing attrition for employers. According to the company, this proprietary system, which was built in 2018, is a geo-location-based technology system that processes 400 million data events each month.
Reasons for investments
Tomoyuki Nii, Director of SBI Investment Co, Ltd, the investment arm of SBI Holdings Inc listed on the Tokyo Stock Exchange in Japan, said, “The platform’s unique relevance matching system between job seekers’ skills and employers’ needs, based on full, partial, and waterfall matching, has done a phenomenal job in this respect. This value proposition and the data-driven platform backed by the AI-based technology and the massive behavioural data gathered by WorkIndia were the key reasons for our investment.”
WorkIndia claims to have empowered over 29 million Indians and covers 772 cities across India. It caters to the hiring needs of over 1.5 million SMBs and multiple large corporations, according to the company. It offers employment opportunities across 50 categories like tele-calling, field sales executives, delivery partners, etc.