SAIF Partners, a leading venture capital firm with over $4B under management, has announced a pre-series A funding deal with Playment. SAIF Partners has invested 4.7 Crores INR into the Bangalore-based venture that enables large companies to crowdsource completion of process oriented tasks that are typically done by in-house or outsourced teams (BPOs).
Playment will use the funds raised to lay the foundation of a world class engineering and product team, along with scaling up deployments in all clients.
Playment is a two sided marketplace that helps large companies bring cost-effectiveness and speed to their operations, and on the other side helps smartphone users supplement their income on the go. To the company’s credit, it has already been able to supplement monthly income of several thousand people by over a third and that explains how the company has acquired tens of thousands of 100% organic downloads.
To start with, Playment is working with Indian e-commerce companies to enable completion of micro-tasks such as meta tagging of photos, product categorization, clean up of product profiles etc. For eg: Merchants bulk upload apparel catalogues, and then a person has to do up to 15 quality inspections on each and every SKU submitted before its gets published.
Siddharth Mall, CEO, Playment said, “We strongly believe in the power of the sharing economy. The world has seen how the likes of Airbnb & Uber have created a new source of income and we want to be right up there with them.”
“We’re building a platform where humans & machines can work together to solve problems which were previously unsolvable at scale. To enable this, we are using cutting edge technology, to build systems that can provide an awesome experience to thousands of our players who play on the app throughout the day. To be able to do that, we would be investing a lot in building a world class product and engineering team.”
Mayank Khanduja, Principal, SAIF Partners, said, “We’re very excited about team Playment’s discovery of what we believe to be a massive market opportunity . Moreover, we feel it’s the best team for the job as the co-founders have strong technical backgrounds and first hand knowledge of the space via their Flipkart experience. While the platform is still in early stages, it’s power lies in the ability to generate direct and recurring cash earnings for anyone with a smartphone within minutes of coming on the platform. India is a fast growing emerging market with lots of ambitious people and we believe the masses would get addicted to Playment. “
Incepted in August 2015, Playment was launched in November 2015 by IIT-Kharagpur alumni Siddharth Mall & Akshay Lal, along with IIT-Guwahati alumnus Ajinkya Malasane.
SAIF began partnering with entrepreneurs in India in 2002 and has backed over 40 companies since then including MakeMyTrip, JustDial, PayTM, BookMyShow, and Urban Ladder. SAIF’s financial services portfolio spans across established businesses such as NSE, Edelweiss and Karur Vysya Bank as well as emerging tech-enabled ventures such as Capital Float.