The $12m round will help support product development and geographic expansion
BENGALARU, INDIA (January 12, 2023) - Blue and grey-collar job portal WorkIndia has completed a pre-Series B fundraising round of $12m, with the funding intended to support the company's expansion into the blue-collar market in Southeast Asia, as well as strengthen product and data science capabilities.
Alongside Insitor Impact Asia Fund II, the round also includes the Nintendo founding family, SBI Holdings, Yamauchi No. 10 Family Office, and eye-wear firm Persol.
WorkIndia covers a large portion of the Indian labor market, with a presence in 772 cities across 28 states and 8 Union Territories of the country. The platform serves the hiring needs of over 1.5 million small and medium businesses and multiple large corporations.
The company has put in place deep technology that not only administers and digitizes the employment process but also mitigates any margin of fraud in hiring.
"WorkIndia eliminates intermediaries and fraudulent jobs, building trust for both employers and employees, and ensuring a more inclusive and fair labor market. We are excited to support WorkIndia in further consolidating its leadership position," said Nicholas Lazos, Insitor's Chief Investment Officer and co-founder.
Director Tomoyuki Nii of SBI Investment Co, the investment arm of SBI Holdings Inc, said that "WorkIndia's unique relevance matching system between job seekers' skills and employers' needs, based on full, partial, and waterfall matching has done a phenomenal job in this respect. This value proposition and the data-driven platform backed by AI-based technology with the massive behavioral data gathered by WorkIndia were the key reasons for our investment,"
For more information, please see WorkIndia's website here: