Endiya Partners-backed staffing platform Gigforce plans to invest around Rs 15 crore raised from venture fund Meraki Labs to establish leadership in growing Gig economy.
Gigforce is a human cloud powering India’s rapidly growing Gig-economy. The fresh funding from Meraki Labs takes their total funds raised to $6Mn.
Endiya had led Gigforce’s last round, with participation from Unitus Ventures and angel investors. The team has grown 2.5x from inception, and in the last year, has scaled 10X on ARR and 15X on Active Gigers.
The company will be deploying the money to further build deep tech and strong analytics for on-gig performance. Gigforce enables digital sign up to gig workers on its app for documentation, choosing gigs and getting paid.
Gig Workforce is the fastest growing segment of the Indian Labour work force. In the next 10 years gig-workforce is deemed to grow from 24 Million to 90 Million, with a CAGR OF 14.1%. With the industry growing full throttle, and the serviceable Market poised to grow from USD 10B in 2021 to USD 60B by 2030, there exists a huge opportunity that is waiting to be tapped.
Gigforce has 50K Daily Active Giggers
Chirag Mittal, Co-Founder and CEO of GigForce “We are well on our way to having 50k daily active gigers this year. We all are working towards the medium-term goal of having a million+ active gigers by 2025. We have ambitious growth plans, and the market offers unprecedented opportunities to meet our vision of building a brand that is good for India, talent and society, alike.”
Abhishek Srivastava from Endiya “Gigforce is disrupting the temp workforce market and is emerging as the category leaders in Logistics and Sales & After Sales verticals. In the last one year, Company has scaled 10X on ARR and 15X on Active Gigers with the Platform having an enviable track record of providing high fulfillment staffing alongside administrative ease & visibility for employers, while ensuring income stability and benefits for the workers. We’re excited to be a part of this Rocketship which is defining the “Future of Work” for employers and powering the Gig economy”
“As an organisation, expansion of our team size by more than 2.5x reflects our growth trajectory to grow bigger and better. We have stalwarts from the industry continuously joining our leadership team across various functions.
The aim is to have 50,000 active Giger’s by the end of this year, pacing towards the medium-term goal of having over a million active gig workers by 2025,” said Chirag Mittal, Co-Founder and CEO at Gigforce.
In 2021, the company raised $3 million (Rs 22 crore) in a pre-Series A funding round led by Endiya Partners, existing investor Unitus Ventures, among others.
Founded in 2020, Meraki Labs aims to invest in early-stage companies and incubate game-changing and high-impact startups.
