The company intends to use the capital to expand its data science and product skills and enter the Southeast Asian blue-collar market.
SBI Investment, listed on the Tokyo Stock Exchange, and the eyewear manufacturer Persol also participated in the investment round.
“With the new round of funding, WorkIndia will further strengthen its product, and data science capabilities, including entry into the yet untapped Southeast Asian blue-collar market,” WorkIndia Co-founder and CEO Kunal Patil said.
The blue and grey-collar recruitment company asserts that it has implemented a sophisticated technology that manages and digitises the hiring process and reduces the possibility of hiring a fraud.
WorkIndia has built a successful and fast-growing revenue model in the job search industry
WorkIndia was created by Moiz Arsiwala, Kunal Patil, and Nilesh Dungarwal in 2015. They link recruiters and job searchers using a fully automated system built on dynamic algorithm-based recruiting and geotagging.
The sophisticated fraud technology system used by WorkIndia processes 9.8 million different data parameters.
“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,” SBI Investment Co, the investment arm of SBI Holdings Inc, Director Tomoyuki Nii said.
With 772 cities spread throughout 28 states and eight union territories in India, WorkIndia offers in-depth geographic coverage. The platform allegedly meets the employment needs of numerous huge enterprises and more than 1.5 million small and medium-sized businesses.
Hirowaka Murakami, Chief Investment Officer of Yamauchi No.10 Family Office, asserted that it is challenging to demonstrate strong unit economics and a negative working capital model while attaining fast revenue growth.
“WorkIndia has consistently demonstrated this for over a year. We are honored to be a part of WorkIndia’s journey and look forward to supporting them as they expand rapidly in this wild west of a blue-collar segment,” Murakami added.