On-demand workforce platform Avenue Growth has raised a new round of funding led by India Accelerator – India’s only seed accelerator program with Global Accelerator Network.
Other prominent ventures including Growth Opportunities Fund, IAES Ventures LLP and the Ministry of Electronics and Information Technology (Meity) also joined.
The company plans to utilize the funding to allocate resources towards the growth of new verticals, strengthen its technology platform, and expand its leadership team. The company is aggressively expanding its service portfolio and planning to launch new verticals in the GIG Workforce space.
Avenue Growth has previously raised funding from leading angel investors including Mr. Rajesh Sud, Mr. Aditya Malik, Mr. Avtar Monga, Mr. Priyavrata Mafatlal amongst others.
Incepted in 2019, Avenue Growth helps companies to find, hire, and manage flexible workers in just a few simple steps. It also empowers businesses to scale their operations in a lean manner by using On-Demand workers while giving opportunities to the workers to be Micro Entrepreneurs.
Rachit Mathur, Founder and CEO, Avenue Growth, said, “We are delighted to partner with India Accelerator. They are the first institutional investors who are joining us on this journey and we are honoured to have them onboard. The team has been very supportive and is continuously helping us unlock more opportunities. This is the beginning of a new business journey and we look forward to working with them and building a strong business.”
Deepak Nagpal, Managing Partner, India Accelerator, said, “India is an emerging gig economy, gaining overwhelming traction. Post the pandemic, the demand for the workforce started turning towards a mature side and it becomes imperative to make the market ready for disruption. There is an increasing demand for an on-demand workforce and we look forward to seeing Avenue Growth bridging the supply-demand gap while revolutionising the market for on-ground skilled workers.”
The company claims that it has acquired a number of leading Indian and global clients, including Swiggy, Airtel, TATA AIA, V5 Global and more. In the new financial year, Avenue Growth plans to launch three new verticals that will drive its idea for GIG work in India. Over the past few years, the company has been growing 5X year on year, emerging its position as a leading GIG Workforce platform in the country.