WorkIndia Secures Major Funding for Blue and Grey-Collar Job Portal

WorkIndia, a prominent platform for blue and grey-collar jobs, is poised to secure Rs 114.35 crore (approximately $13 million) in funding from Aavishkaar Capital, existing investor BEENEXT, and co-founders Nilesh Dungarwal and Moiz Arsiwala. This marks the company’s first funding round in nearly three years, following a $12 million investment in January 2023, which was led by SBI Holdings and the founding family of Nintendo.

Details of the Funding Round

The board at WorkIndia has approved a resolution for the issuance of 3,067 compulsory convertible preference shares and 100 equity shares, priced at Rs 2,27,369 each, aiming to raise Rs 72 crore, as disclosed in a filing with the Registrar of Companies (RoC). Aavishkaar, the new investor, plans to contribute Rs 50 crore, while BEENEXT will invest Rs 22 crore. Furthermore, the company has also authorized a resolution for the issuance of 1,869 partly paid-up CCPS worth Rs 42.35 crore to co-founders Nilesh Dungarwal and Moiz Arsiwala. Consequently, the total capital anticipated from this funding round stands at Rs 114.35 crore ($13 million).

Valuation Surge and Company Background

According to estimates from Startup Superb, the valuation of WorkIndia, backed by BEENEXT, is projected to rise by over 35% to Rs 803 crore or $91.25 million, compared to Rs 590 crore in its previous funding round. WorkIndia was co-founded by Kunal Patil, Nilesh Dungarwal, and Moiz Arsiwala, focusing on providing job opportunities for blue- and grey-collar workers across 50 categories, including tele-calling, field sales, and delivery roles.

Overall Investment Summary

As per various sources from startup data platforms, WorkIndia has successfully raised around $30 million to date, with notable investors like BEENEXT, Xiaomi, SBI Holdings, and Insitor among its backers. Before this funding round, BEENEXT was the largest external shareholder, holding an 11.31% stake, with Xiaomi owning 7.3%. The co-founders collectively possess a 32.1% stake in the organisation.

Financial Performance

For the fiscal year ending March 2025, WorkIndia reported a 25% year-on-year growth in operating revenue, reaching Rs 78.7 crore, whilst managing to reduce its losses by 25% to Rs 23.06 crore.