PickMyWork raises USD 1 million in SEED round
New Delhi: PickMyWork a startup that assists digital companies to acquire end customers (individual users and merchants), has announced raising USD 1Mn in Seed round. The round led by SOSV’s Orbit Startups witnessed participation from an array of esteemed investors including Soonicorn Ventures, Upaya Social Ventures, Blume Founders Fund, Venture Catalyst, Mumbai Angels, 888 Network, Imperier Holdings and WeFounderCircle. The round also saw investment from prominent CXOs in the startup ecosystem Akash Gupta, CEO – Zypp Electric, Gaurav Chopra, CEO – IndiaLends and Prajakt Deolasee, CTO – Turtlemint.
PickMyWork is India’s largest digital distribution network, allowing digital companies to acquire end customers based on a pay-per-sale model, at a very low CAC. PickMyWork currently works with 3,00,000 gig workers as part of its network, offering them supplemental earning opportunities to increase their income. The company reports 3X earnings per hour of effort as compared to other delivery gigs, with a model that is 1/10th cheaper compared to online marketing or having in-house sales teams for internet companies.
PickMyWork has worked with 25 clients to date, assisting them in acquiring 5 lakh end customers. Its clients include Meesho, Freecharge, IndusInd Bank, Flipkart, Fi Money, Amazon Pay, and Airtel Payments Bank, AU small finance bank to name a few.“With new internet businesses launching every day there is a dire need for a strong distribution pillar to catalyse their growth. It becomes an impossible task for these businesses to penetrate the tier 2 and tier 3 markets where there is still a grave need for assistance as these geographies gradually adapt to the digital world. PickMyWork is bridging this gap for various businesses, while simultaneously creating income sources. We have seen the model succeed, which is also reflecting in our month-on-month growth rate of 30%. We are glad that our investors are here to guide us as we move towards our ambitious targets,” said Mr. Vidyarthi, CEO PickMyWork.
“PickMyWork is solving the biggest challenge in terms of customer acquisition for international corporations and high-growth startups alike, all while helping India’s gig workers upskill and create the future they want,” said William Bao Bean, Managing Director of Orbit Startups. “We’re proud to be a part of their mission as the team goes on to empower India’s entrepreneurs and shape the course of technological advancement in Tier 2+ cities.”
“Gig economy has been witnessing tremendous growth in India and globally. Post pandemic the flexible workforces and adoption of hybrid work models can reshape the future of work dynamics. PickMyWork in a short period of time has been able to capture a considerable portion of the potential market. Imperier holdings is confident of PickMyWork team’s potential and their business approach,” Syed Faiz Hasan, Director (Imperier Holdings).
PickMyWork plans to use the raised funds in growing its network of agents in various geographies pan India. A part of the raised investment will also be utilised in strengthening the technology backbone which will further increase the efficiency of the distribution.