Tiger Global-led $100M investment makes Apna India’s fastest unicorn – TechCrunch

Date:

22 month old startup Supporting millions of blue-collar and gray-colored workers in India Learning new skills and finding a job has become the youngest company to join the coveted unicorn position in the world’s second largest internet market.

Apna On Thursday, it announced that it had raised $ 100 million in a round led by Tiger Global. The new round-Series C-valued Apna at $ 1.1 billion. TechCrunch report Last month, Apna’s existing investor Tiger Global was in talks to lead a $ 100 million startup round of funding in a unicorn valuation.

Owl Ventures, Insight Partners, Sequoia Capital India, Maverick Ventures and GSV Ventures have also joined Apna’s third investment this year, a new round.Apna Equivalent to $ 570 million In the Series B round in June this year.

Investor excitement comes from Apna’s remarkable growth in recent months. The startup attracted over 16 million users on the Android app of the same name 15 months ago, up from 10 million in June of this year.

Indian cities are home to hundreds of millions of unskilled workers coming from the village in search of work. Many of them lost their jobs in the coronavirus pandemic, which has slowed some economic activity in the South Asian market.

Apna has built a platform to provide a community for these workers. In the community, they interact with each other, exchange notes for better performance in interviews, and share tips for negotiating better rewards.

Image credit: Apna

In addition to this, Apna connects these workers to potential employers. Apna’s founder and CEO, Nirmit Parikh, interviewed TechCrunch with more than 150,000 employers, including Zomato, Bharti AXA, Urban Company, BYJU’S, PhonePe, Burger King, Delhivery, Teamlease, and G4S Global. Said to join the platform. One million jobs are active.

Named after the hilarious 2019 Bollywood song, he said the startup has facilitated more than 18 million job interviews in the last 30 days. Apna currently operates in 28 Indian cities.

After being puzzled by the fact that India has hundreds of millions of blue-collar and gray-colored workers, it is often very difficult to find them when they need help. , Said that the idea of ​​Apuna was born.

Prior to starting Apna, Parikh, who previously worked at Apple, met these workers and infiltrated them as electricians and floor managers to understand the problems they were facing. The problem he found was disconnection. Workers had no way of finding out who needed them for their work, and they were not connected to each other. The aspect of Apna’s community, which currently has more than 70 such groups, aims to tackle this challenge.

The Apna app allows these workers to acquire new skills and qualify for more job opportunities. Apna has emerged as one of the fastest growing skill-up platforms. This explains why two well-known companies known for supporting educational technology start-ups, GSV Ventures and Owl Ventures, are investing in Bangalore-based companies.

“Apna’s viral recruitment is driven by a new social and interactive approach to connecting employers and job seekers. Tiger Global partner Griffin Schroeder said in a statement that job seekers have a meaningful connection. We look forward to scrutinizing opportunities to drive Apuna’s continued explosive growth throughout India and around the world.

Now startups that have started monetizing their platform are ready to aggressively expand. Parik said Apna will continue to expand into more cities in India, and by early next year, Apna will begin its global expansion. According to Parik, the startup aims to expand in the United States, Southeast Asia, the Middle East and Africa.

“We have already made dents. Now we want to affect the lives of 2.3 billion people,” he said. “It takes a huge amount of resources and a world-class team to provide. It’s a tough job and we’re going to rob the village, but someone needs to solve it.”

Tiger Global-led $100M investment makes Apna India’s fastest unicorn – TechCrunch Source link Tiger Global-led $100M investment makes Apna India’s fastest unicorn – TechCrunch

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Popular

More like this
Related

Synthetix: Days after $18m worth of selling, is SNX preparing for recovery

Synthetix Network , unlike the rest of the networks,...

Watch AOC Justify Her New Manicure As An Act Of “Resistance” (VIDEO)

Dem Rep Alexandria Ocasio-Cortez posted an Instagram story of...

White Failed CNN Host Says Clarence Thomas Isn’t Truly Black Because He Doesn’t Go to NBA Games

Once mediocre NBA player, failed CNN host and left-wing...

First Time Since April, Solana Avoids Downtime on First Day of Month

Solana, which is notorious for its downtimes and technical...