On-demand Industrial Workforce Platform Factrika Secures Rs 8.9 Crore in Funding
On-demand industrial workforce platform Factrika has successfully secured Rs 8.9 crore in its seed funding round, spearheaded by Info Edge. This funding will be directed towards bolstering its team, advancing its technology, and broadening its reach into additional industrial clusters throughout India, as stated in a press release.
About Factrika
Founded in 2024 by Kshitij Puri and Gaurav Asthana, Factrika is developing a platform that links manufacturers with skilled and verified factory workers. The platform asserts it can deploy workers within two hours and boasts a show-up rate exceeding 90%. Among its clientele are Lenskart, Asahi India Glass, and Jubilant Foods.
Addressing Worker Shortages
Factrika highlighted that Indian factories experience a daily worker shortage ranging from 20% to 25%, largely due to fragmented contractor-led staffing models. The startup effectively matches manufacturers to workers based on skills and availability. Workers can accept shifts digitally, while Factrika oversees attendance and payments, maintaining a comprehensive digital work record.
Growth and Reach
Based in Delhi, the startup claims to have amassed over 10,000 registered workers across more than 20 skill categories. It also reported an impressive monthly growth in deployment hours ranging from 50% to 70%. Its esteemed clients include Lenskart, Munjal Kiriu, Asahi India Glass, Jubilant Foods, and Epack Durables. According to Factrika, workers can enhance their earnings by 20% to 30% through skill advancement.
Market Opportunities
The startup primarily operates in regions such as Bhiwadi, Manesar, Bawal, Noida, and Bahadurgarh, aiming to tap into what it estimates to be a $23 billion manufacturing workforce opportunity in India. The industrial workforce sector has seen the rise of platforms utilising mobile-based hiring, worker verification, digital matching, and workforce management tools to effectively connect enterprises with frontline workers.
Industry Landscape
WorkIndia raised Rs 97 crore in a Series B round led by Aavishkaar Capital in December of the previous year, with participation from BEENEXT. The funding will be allocated to enhance technology, improve job matching, and expand into regions witnessing high demand. In parallel, Nia.one secured $2.4 million in seed funding from Elevar Equity in November last year to develop a platform aimed at gig and blue-collar workers, including its envisioned Niadel hubs along major employment corridors. Other platforms such as Apna are also making strides in the digital blue and grey-collar hiring market.