A 22-month-extinct startup that’s helping thousands and thousands of blue- and gray-collar personnel in India learn unusual abilities and fetch jobs has change into the youngest company to hitch the coveted unicorn space within the sphere’s 2nd-largest web market.
Apna announced on Thursday that it has raised $100 million in a round led by Tiger Global. The unusual round — a Sequence C — valued Apna at $1.1 billion. TechCrunch reported last month that Tiger Global, an present investor in Apna, became in talks to lead a $100 million financing round within the startup at the unicorn valuation.
Owl Ventures, Insight Partners, Sequoia Capital India, Maverick Ventures and GSV Ventures also participated within the unusual round, which is the third investment secured by Apna this Twelve months. Apna became valued at $570 million in its Sequence B round in June this Twelve months.
The investors’ excitement comes as Apna has demonstrated a ambitious say in most modern months. The startup has accrued over 16 million users on its 15-month-extinct eponymous Android app, up from 10 million in June this Twelve months.
Indian cities are home to a whole bunch of thousands and thousands of low-skilled personnel who hail from villages searching out work. Many of them own misplaced their jobs amid the coronavirus pandemic that has slowed several financial activities within the South Asian market.
Apna has built a platform that provides a neighborhood to those personnel. Within the neighborhood, they make a selection with one every other, substitute notes to hang greater at interviews and portion guidelines to barter greater compensation.
On top of this, Apna connects these personnel to doubtless employers. In an interview with TechCrunch, Apna founder and chief executive Nirmit Parikh talked about extra than 150,000 employers — at the side of Zomato, Bharti AXA, Metropolis Company, BYJU’S, PhonePe, Burger King, Delhivery, Teamlease and G4S Global — are on the platform, and over 5 million jobs are active.
The startup, whose name is galvanized from a contented 2019 Bollywood tune, has facilitated over 18 million job interviews within the past 30 days, he talked about. Apna is currently operational in 28 Indian cities.
The premise for Apna came, Parikh has talked about, after he became puzzled to search out that even as there are a whole bunch of thousands and thousands of blue- and gray-collar personnel in India, finding them while you occur to need support with a job on the entire proves very sophisticated.
Sooner than starting Apna, Parikh, who beforehand worked at Apple, met these personnel and went undercover as an electrician and floor manager to attain the considerations they had been facing. The topic, he came across, became the disconnect. Workers had no technique to search out who essential them for jobs, and they had been also no longer connected with one every other. The neighborhood ingredient of Apna, which now has over 70 such teams, is aimed at addressing this topic.
The Apna app permits these personnel to learn unusual abilities to change into eligible for extra work alternatives. Apna has emerged as one amongst the fastest growing upskilling platforms — and that would trace why GSV Ventures and Owl Ventures, two excessive-profile companies known to help edtech startups, are investing within the Bangalore-based mostly fully company.
“Apna’s viral adoption is pushed by a unusual social and interactive potential to connecting employers with job seekers. We inquire of job seekers searching out meaningful connections and vetted alternatives to force Apna’s persevered explosive say across India — and the sphere,” talked about Griffin Schroeder, partner at Tiger Global, in an announcement.
Now the startup, which has started to monetize the platform, is able to aggressively magnify. Parikh talked about Apna will proceed to magnify to extra cities in India and by early subsequent Twelve months, Apna will commence up its global growth. Parikh talked about the startup is eyeing growth within the US, South East Asia and Middle East and Africa.
“We own already created a dent. Now we want to impress the lives of 2.3 billion,” he talked about. “We would require loopy quantities of resources and an worldwide-class team to ship. It’s a herculean job, and is going to take hang of a village. However someone has to resolve it.”