Blue-collar job portal WorkIndia has recently raised funding led by PERSOL Group, one of the major comprehensive human resources service providers in APAC region.
The fresh capital intends to expand WorkIndia’s superior product across PERSOL’S operations in 13 countries and regions globally, a statement said.
Incepted in 2015, WorkIndia is the brainchild of Moiz Arsiwala, Kunal Patil and Nilesh Dungarwal. The company not only aims to build a cavernous socio-economic impact on 23.7 Cr blue-collar individuals in India but also to 120 Cr blue-collared people across the globe. It leverages a fully automated system rooted deep in dynamic algorithm-based hiring and geo-tagging that helps them to connect recruiters and job seekers without human intervention effectively.
Addressing the funding event, 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 beautiful impact-driven journey.”
According to 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 6 years, has built a solid and complex technology system to filter out frauds. This system is one of the primary reasons behind 50% organic blue-collar worker downloads that WorkIndia gets every month.”
Commenting on the funding activities, 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 monetizing 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% every month.”
Speaking on the funding development, Moiz Arsiwala, Co-founder, WorkIndia, said, “We have been immensely methodical in our approach, right from building a product-market fit, scale, and monetization 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.”
Apart from this funding development, WorkIndia has achieved 6 notable funding rounds, with the past 5 led by VC Investors. Some of its remarkable 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. Other angel investors are Keshav Sanghi, ex-India Country Head, Goldman Sachs Equity Division, Satyen Kothari, Founder of Citrus Pay, Vikram Limaye, MD, and CEO of NSE, etc.
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