– Avenue Growth intends to allocate the investment towards the growth of new verticals, the enhancement of its technology platform, and the expansion of its leadership team.
February 2023: Avenue Growth, an on-demand workforce platform, has recently secured a funding round led by India Accelerator, India’s only seed accelerator program affiliated with the Global Accelerator Network. Other prominent ventures such as Growth Opportunities Fund, IAES Ventures LLP, and the Ministry of Electronics and Information Technology also participated in the funding round.
Founded in 2019, Avenue Growth enables businesses to efficiently scale their operations by providing access to on-demand workers and empowering these workers to become micro entrepreneurs. The platform simplifies the process of finding, hiring, and managing flexible workers.
With the new funds, Avenue Growth plans to expand its service offerings by launching new verticals in the gig workforce space. The platform also intends to invest in the growth of its technology platform and leadership team. The company is on a mission to continuously enhance its offerings and support businesses in their growth journeys.
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.”
In a short period of time, Avenue Growth has established itself as a top provider of on-demand workforce solutions, serving leading Indian and global companies such as Swiggy, Airtel, TATA AIA, V5 Global, and many others. As the company expands, it is launching three new industry verticals to solidify its position as a leading platform for gig work in India.
Previously, Avenue Growth has received funding from well-known angel investors, including Mr. Rajesh Sud, Mr. Aditya Malik, Mr. Avtar Monga, and Mr. Priyavrata Mafatlal. Over the past few years, the company has experienced impressive growth, with a year-on-year increase of 5X, establishing itself as a leading player in the gig workforce space in India.