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Quess Corp, a business services provider, is to buy a 49 per cent stake in gig economy start-up Taskmo for ₹10 crore.
A company statement on Thursday said the investment marks Quess’ entry into the Indian digital gig economy, which is expected to be $4 billion by 2025; it is also the first organised staffing player to make such a move.
Meanwhile, Quess reported a 39 per cent decline in profit after tax to ₹46 crore for the third quarter ended December 2020, against ₹75 crore in the year-ago period. Its revenue from operations dipped 5 per cent to ₹2,808 crore (₹2,950 crore).
“I am delighted that Quess Corp is again on the growth path, even while our focus on cash generation and debt repayment has brought our company to a net cash position in the last quarter. I am gratified that our employees have reaffirmed our status as a Great Place to Work, a testament to our vibrant and purpose-led culture. Our eyes remain firmly set on our north star of achieving and sustaining a 20 per cent RoE,” said Group CEO and ED Suraj Moraje.
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