Work Fulfillment Platform Awign Enterprises Raises INR 4 Cr From BlackSoil Capital The capital will be used for the company's working capital requirements and business expansion
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Venture debt and alternative credit fund BlackSoil on Tuesday announced that it has invested INR 4 crore in Awign Enterprises Pvt. Ltd as a venture debt facility. The funding will be used for working capital requirements and business expansion.
Founded in 2016 by Annanya Sarthak, Gurpreet Singh, and Praveen Sah, the platform operates as a work fulfillment platform focused on the gig workforce and claims to have a registered workforce of 6.5 lakhs gig workers across 450 cities in India and has completed over 50 lakh tasks to-date.
"We are extremely delighted to bring on board BlackSoil in Awign's growth journey. The funds received will help us to scale up faster and will be used for working capital requirements and business expansion. We are hoping for many years of a fruitful relationship with Blacksoil and looking to grow with investors who have put their belief behind our business model," said Annanya Sarthak, co-founder, Awign.
The platform's clients operate in sectors including FMCG, BFSI, e-commerce, fintech, edtech, assessments, and logistics. The company also provides work opportunities to college students, graduates, and women wanting to come back to work and is solving unemployment, under-employment, and skilling problems in the country.
"Awign has built an innovative model that delivers high value to the clients while providing employment and skilling opportunities to the Indian youth. Post-COVID, there has been wide adoption of gig workers and it is our pleasure to partner with Awign to help them grow in this disruptive industry pivoted for strong growth," stated Ankur Bansal, co-founder, and director, BlackSoil.
The sector-agnostic alternative credit platform has recently raised INR 110 crore in the first close for its maiden secured BlackSoil India Credit Fund and has deployed INR 950 crore in the last four years over across 70 transactions. Its portfolio includes OYO, Spinny, Purplle, Zetwerks, Vogo, and TVF.
The work fulfillment platform has previously closed its pre-series B round from Unitus Ventures, Michael & Susan Dell Foundation, Lumis Partners, and Eagle10. The company has over 100 clients which include Swiggy, ITC, Big Basket, Britannia, and Aditya Birla Capital amongst others.
