Avenue Growth, an on-demand workforce platform, has recently raised a new round of funding led by India Accelerator – a seed accelerator program with Global Accelerator Network. The investment round also witnessed participation from other prominent ventures including Growth Opportunities Fund, IAES Ventures LLP and the Ministry of Electronics and Information Technology (Meity).
Incepted in 2019, Avenue Growth 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. Recognised as a business growth platform, Avenue Growth helps companies find, hire and manage flexible workers within a few simple steps.
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The company is expanding its service portfolio and planning to launch new verticals in the gig workforce space. The platform plans to allocate the acquired funds to the growth of new verticals. Apart from this, the platform is also planning to utilise these funds to further strengthen its technology platform and expand its leadership team.
"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," highlighted Rachit Mathur, founder and chief executive officer (CEO), Avenue Growth.
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“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,” said Deepak Nagpal, managing partner, India Accelerator.
Avenue Growth claims to have acquired Indian and Global companies as its clients including Swiggy, Airtel, TATA AIA, V5 Global and many others. It aims to build niche industry verticals in the company and in the new financial year, the company will be launching three new verticals that will drive its idea for gig work in India and how every Industry is embracing it.
Avenue Growth has previously raised funding from leading angel investors including Rajesh Sud, Aditya Malik, Avtar Monga, Priyavrata Mafatlal amongst others. Over the last few years, the company has been growing about 5 times year-on-year.
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