Total amount raised
$19.8 Millions
Latest funding date
01/01/2023
Location
WorkIndia has successfully raised funding through multiple rounds, with its most recent being a Series B round on January 10, 2023. The platform is a blue-collar recruitment portal that connects job seekers and employers through an automated product.
Keep reading to explore the intricacies of WorkIndia's fundraising journey and the investors backing this innovative platform.
What Is WorkIndia?
WorkIndia, founded in 2015, is a blue-collar recruitment portal based in Bengaluru, Karnataka, India. The platform connects job seekers and employers, automating the process of checking eligibility and scheduling interviews.
The company was founded by Ajay Kumar, Kshitij Nagvekar, Kunal Patil, Lokesh Tiwari, Moiz Arsiwala, Nilesh Dungarwal, and Soumil Rao. WorkIndia operates in over 750 cities across India, including major hubs like Mumbai, Delhi & NCR, Bengaluru, and Pune.
With a workforce of 501-1000 employees, WorkIndia offers features like simple hiring processes, intelligent candidate recommendations, and priority customer support, making it a go-to platform for blue-collar job recruitment.
How Much Funding Has WorkIndia Raised?
- Angel Round
- Amount Raised: $500K
- Date: October 2015
- Lead Investors: Satyen V Kothari
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the platform and develop initial technology infrastructure.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: March 2016
- Lead Investors: BEENEXT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's technological capabilities.
- Venture Round
- Amount Raised: ₹420M
- Date: February 2020
- Lead Investors: Xiaomi
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve product offerings.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: April 2022
- Lead Investors: Persol Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and increase user base.
- Debt Financing
- Amount Raised: ₹110M
- Date: April 2022
- Lead Investors: BlackSoil
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and ensure liquidity.
- Series B
- Amount Raised: ₹980M
- Date: January 2023
- Lead Investors: Insitor Partners, SBI Investment, Yamauchi-No.10 Family Office
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen product and data science capabilities and expand into the Southeast Asian market.
Total Amount Raised: $500K + ₹1510M
Current Valuation: Not publicly disclosed
Key Investors
- Insitor Partners
- Details: Insitor Partners is an impact investment firm focusing on South and Southeast Asia. They aim to create social impact through investments in sectors like affordable housing, healthcare, and financial inclusion.
- Investment Focus Areas: Affordable housing, healthcare, financial inclusion
- Notable Investments: Not publicly disclosed
- SBI Investment
- Details: SBI Investment is the venture capital arm of SBI Holdings, based in Tokyo, Japan. They focus on fintech, IT, and biotechnology sectors.
- Investment Focus Areas: Fintech, IT, biotechnology
- Notable Investments: Ripple, R3, various blockchain and fintech startups
- Yamauchi-No.10 Family Office
- Details: The Yamauchi-No.10 Family Office is the investment arm of the founding family of Nintendo. They are known for their investments in technology and innovative startups.
- Investment Focus Areas: Technology, entertainment, innovative startups
- Notable Investments: Primarily private and not widely disclosed
- BlackSoil
- Details: BlackSoil is a venture debt firm in India, providing debt capital to high-growth companies. They focus on sectors like technology and consumer services.
- Investment Focus Areas: Technology, consumer services, high-growth companies
- Notable Investments: Not publicly disclosed
- Persol Holdings
- Details: Persol Holdings is a Japanese human resources and staffing company. They invest in HR tech and recruitment platforms.
- Investment Focus Areas: HR technology, staffing solutions, employment services
- Notable Investments: Various HR tech startups and staffing companies
What's Next for WorkIndia?
WorkIndia is poised to capitalize on significant opportunities, particularly in the Southeast Asian blue-collar job market. With a recent $12 million funding round, the company aims to enhance its product and data science capabilities, leveraging AI-based technology for better job matching. This expansion could potentially open doors to millions of new users and employers, significantly increasing their market footprint.
Future fundraising seems likely as WorkIndia continues to grow. The successful pre-Series B round indicates strong investor confidence, suggesting that additional funding rounds could be on the horizon to support further technological advancements and market expansion. However, the company will need to navigate challenges such as intense competition from established job portals and ensuring the effectiveness of their fraud detection systems.
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