On-demand workforce platform Avenue Growth has just secured a fresh round of funding from India Accelerator, the country’s sole seed accelerator programme and member of the Global Accelerator Network. Other well-known businesses, such as Growth Opportunities Fund, IAES Ventures LLP, and the Ministry of Electronics and Information Technology, participated in the financing round as well (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. Recognized as a business growth platform, Avenue Growth helps companies find, hire and manage flexible workers within a few simple steps.
The company is aggressively 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 utilize these funds to further strengthen its technology platform and expand its leadership team.
Delighted with the funding, Rachit Mathur- Founder and CEO 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.”
Commenting on the investment, 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.”