Money & Banking

Gigforce raises $3 million in pre-Series A from Endiya Partners, Unitus Ventures

Our Bureau Bengaluru | Updated on September 08, 2021

The company plans to strengthen its team and technology and rapidly scale pan-India in the next few quarters

Gigforce, an on-demand staffing platform providing gig workers to various enterprises, raised $3 million in pre-Series A funding led by Endiya Partners. Existing investor Unitus Ventures and key angel investors also participated in the round.

Gigforce offers curated and pre-trained gig staff on a task, hourly, weekly, or monthly basis. It connects available gig workers to short gigs in their locality spanning from a day up to a few months. Gigforce also ensures gig workers get proper training, documentation, and payouts.

Commenting on the fundraise, Chirag Mittal, Co-founder and 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 the 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.”

Fund usage

With this fundraise, the company plans to strengthen its 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 ₹25 crore. The company is growing 2-fold on a quarter-on-quarter (QoQ) basis. With a huge demand surge since post-Covid recovery, Gigforce is set to grow at a rapid rate to cross ₹100 crore 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), fulfillment 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 per cent to India’s GDP over 8 to 10 years, there exists a huge opportunity waiting to be tapped,” said Abhishek Srivastava, Director, Endiya Partners.

Surya Mantha, Senior Partner, Unitus Ventures, said, “Gigforce is disrupting the over $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.”

Gigforce differentiates itself in the market on its data and tech-driven approach to allocate skilled gig workers to the right gigs, while also managing rewards, recognition, behavior, payouts, and benefits. The platform can manage the complete lifecycle of a gig, from sourcing, onboarding, e-KYC, rostering, tracking, and payouts, on the single platform.

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. The company aims to scale up its platform and business to manage the full lifecycle of over one million gigers by 2025 and is targeting a flow of over $1 billion on the platform.

Published on September 08, 2021

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