Awign Enterprises Pvt Ltd, which operates a work fulfilment platform focussed on gig workforce and last-mile delivery, has raised Rs 4 crore (approximately $541,532 at current exchange rates) in debt capital.
Bengaluru-based Awign has raised this money from BlackSoil Capital, the non-banking arm of the alternative credit investor. It will use this fresh funding for meeting working capital requirements and business expansion.
BlackSoil, a sector-agnostic platform, recently hit the first close of its maiden credit fund – the BlackSoil India Credit Fund – at Rs 110 crore. It invested Rs 10 crore (around $1.35 million) in dermatology-focussed clinic chain Oliva in its first bet from this fund.
The development comes less than a month after Awign raised an undisclosed sum as part of a pre-Series B round of funding from existing backers including Unitus Ventures, the Michael & Susan Dell Foundation (MSDF), and Eagle10 Ventures.
Awign was set up in 2016 by Annanya Sarthak, Gurpreet Singh, and Praveen Shah. The company says it fulfils on-the-ground work required by businesses through a network of skilled and trained gig workers.
It says clients are billed on outcomes as opposed to a work-hours basis, and that its clients operate in sectors including education-technology, hospitality, e-commerce, mobility, information technology, and financial technology.
“Awign has built an innovative model that delivers high value to the clients while providing employment and skilling opportunities to the Indian youth,” BlackSoil co-founder and director Ankur Bansal said.
In December last year, Awign raised $4 million (around Rs 28.27 crore) in a Series A funding round. Work10M, MSDF, Eagle10 and Unitus Ventures contributed to that infusion. In August, VCCircle reported that the company had secured money from a homegrown investor as part of its Series A funding round.
Before that, in January 2018, Awign raised Rs 5 crore ($784,500) from early-stage investor Unitus Seed Fund and other angel investors. In August 2017, VCCircle exclusively reported that Awign had raised about Rs 90 lakh ($140,000) from a clutch of angel investors.