Description
Problem
Finding work is a challenge; especially when people are studying and are looking for part time opportunities to make ends meet. Even if they find something, it either consumes all their time and doesn’t pay decently. And for someone who isn’t qualified enough, it’s a struggle to earn and feed themselves and their families.
Solution
Avenue Growth is a technology based platform providing earning opportunities to the people of India. Even though the platform has been active since before the pandemic, the recent circumstances urged them to expand and the platform has given more than 10,000 bikers opportunities to earn extra by working as delivery executives- part time or full time, depending on their availability.
Market Opportunity
The on-demand workforce segment in India is a $250Bn market. Up to 90 million jobs that are not in the farming segment can be converted into pay per day/task jobs.
Following are a few highlights of Avenue Growth:
- Avenue Growth has had a 5x revenue growth, year on year since inception.
- They are working with leading brands such as Google, Facebook, Flipkart, Airbnb etc. They have more than 100 companies working with them now.
- They have an active workforce of 10,000 workers right now. They are actively adding more workers every month.
About the Founders
Rachit Mathur – CEO – His last venture called FindYahan was sold to Quickr, 16 years of experience in business growth and marketing, business graduate from York University, Canada.
Pranav Kapur – COO – 10 years of total experience in Strategy, Business development and operations in E&Y.
Details of the round
The company is looking to raise INR 4Cr (commitments of INR 2Cr received already) with a Pre-Money Valuation of INR 40Cr.
They already have a firm commitment of INR 2Cr from India Accelerator Growth Fund, Mylabs and Meity labs.
The investment in Avenue Growth is open through both the Lead Angels network and through our SEBI-registered AIF Category 1 VCF Angel Fund, Lead Angels Fund. In case commitments exceed the allocated amount, allotment will be on a “First Come, First Serve” basis.
