On-Demand Workforce Platform Avenue Growth Raises New Round of Funding Led by India Accelerator

Rachit Mathur, Founder & CEO, Avenue Growth

Avenue Growth plans to utilize the funds in the expansion of its verticals, strengthen its technology platform and expand its leadership team

Avenue Growth – an on-demand workforce platform has recently raised a new round of funding led by India Accelerator – India’s only seed accelerator program with Global Accelerator Network. The investment round also witnessed participation from other prominent ventures including Growth Opportunities Fund, IAES Ventures LLP and the Ministry of Electronics and Information Technology (Meity).

Incepted in 2019, Avenue Growth empowers businesses to scale their operations in a lean manner by using On-Demand workers while giving opportunities to the workers to be Micro Entrepreneurs. Recognized as a business growth platform, Avenue Growth helps companies find, hire and manage flexible workers within a few simple steps.

The company is aggressively expanding its service portfolio and planning to launch new verticals in the GIG Workforce space. The platform plans to allocate the acquired funds to the growth of new verticals. Apart from this, the platform is also planning to utilize these funds to further strengthen its technology platform and expand its leadership team.

Delighted with the funding, Rachit Mathur- Founder and CEO said, "We are delighted to partner with India Accelerator. They are the first institutional investors who are joining us on this journey and we are honoured to have them onboard. The team has been very supportive and is continuously helping us unlock more opportunities. This is the beginning of a new business journey and we look forward to working with them and building a strong business."

Commenting on the investment, Deepak Nagpal, Managing Partner, India Accelerator, said, “India is an emerging gig economy, gaining overwhelming traction. Post the pandemic, the demand for the workforce started turning towards a mature side and it becomes imperative to make the market ready for disruption. There is an increasing demand for an on-demand workforce and we look forward to seeing Avenue Growth bridging the supply-demand gap while revolutionising the market for on-ground skilled workers.”

In a short span, Avenue Growth has acquired leading Indian and Global companies as its clients including Swiggy, Airtel, TATA AIA, V5 Global and many others. It is building niche industry verticals in the company and in the new financial year, the company will be launching three new verticals that will drive its idea for GIG work in India and how every Industry is embracing it.

Avenue Growth has previously raised funding from leading angel investors including Mr. Rajesh Sud, Mr. Aditya Malik, Mr. Avtar Monga, Mr. Priyavrata Mafatlal amongst others. Over the last few years, the company has been growing 5X year on year and emerging as a leading GIG Workforce platform in the country.

India Accelerator is the first GAN partnered accelerator in India, endeavoring to provide 360-degrees cross-functional mentorship, business growth and funding to entrepreneurs.

Government of India has recognised India Accelerator (IA) as the 'Best Accelerator of the Country!'. IA has created a vibrant entrepreneurial ecosystem in the country, have got 150+ startups under our portfolio, and have 1400+ mentors in our network who help startups in our industry-focused specialized verticals (HealthTech, AgriTech, Social, Energy, FinTech, Web 3.0, B2B SaaS, etc.). They work closely with Corporates and academia to help promote the development of an entrepreneurial mindset and generate innovative solutions to their real-world problems.

Bollywood Star Sanjay Dutt becomes Brand Partner for Gurgaon-based SaaS Startup Avenue Growth

Avenue Growth, the Gurgaon-based startup, has put another jewel in its crown. The company has collaborated with Bollywood superstar Mr. Sanjay Dutt.

Steadfast for a revolution in Start-ups growth, Bollywood's Munnabhai association with this Gurgaon startup will re-invent the employment practices in our country and beyond. With this instinct, Mr. Sanjay Dutt has now put his faith and aligned with this budding startup, which has the potential to change India's position globally as an employment provider and not as an employment seeker.

To strengthen the startup ecosystem in the country and inculcate the youth in new jobs, Mr. Sanjay Dutt chose the company working with a similar ideology, which is to enhance work opportunities in India.

Affirming India's reach in the global trade, the association is also in alignment with the government's mission to nourish the Startups through Start-Up India and Stand-Up India campaign.

The highly acclaimed Bollywood actor has put his confidence in not restricting itself on one specific location or business. The collaboration is in streamline with Avenue Growth's work culture, which realizes a need to expand the business beyond the usual feed, targeting the Tier 2/3 cities. The organization works upon to elevate businesses across all industries towards expansion successfully.

For an entrepreneurial India, young minds should come up with innovative ideas and provide wings to their startups. Celebrity such as Mr. Sanjay Dutt becoming a brand partner is a huge impulse to generate employment and essential for growth. The company aims to use this new opportunity to accelerate growth and stimulate sales to every nook and corner of the nation.

Avenue Growth has outsourced its sales strategy in almost every field and stands in the list of 50 best-founded companies in India in 2017.

Since its launch, Avenue Growth has built up a strong team of Sales Professionals or Growth Specialists with 12,000 diversified people, which has ushered a new way of working.

Rachit Mathur, Founder, Avenue Growth, says, "We are excited to announce our partnership with leading Bollywood actor Mr. Sanjay Dutt and UAE prominent businessman Mr. Manaan Shaw. We feel privileged with the support and trust that they have shown in our organization and vision. The company looks forward to expanding its business to all parts of India and enter the UAE market with the support of Mr. Shaw. "

Avenue Growth Raises Angel Funding Led by Talentedge's CEO, BCGSV & Others

Gurgaon-based Avenue Growth which connects brands to free-lance sales specialist, has raised an undisclosed amount of angel funding led by Aditya Malik (CEO, Talentedge & Partner at Lumis Venture Partners), BCGSV (Brand Capital-Global Silicon Valley Fund) and a group of high net worth individuals (HNIs) including Haresh Punjabi, Rahul Mehta and Akhilesh Kumar. The startup also become a part of BCGSV’s 15 weeks accelerator program.

“The funds are being used to strengthen our industry verticals and develop a larger pool of freelance sales professionals,” says Rachit Mathur-CEO & Co-Founder-Avenue Growth.

Launched 6 months back in Jan 2017 by Rachit Mathur and Dilkash Rai Malhotra, Avenue Growth is a platform that aggregates some of the best sales professionals from across the country and channelises them to enable companies to reach out to customers across India.

A company reaches out to Avenue Growth to sell its products across specified locations. Sales professionals from across the country enlist on the platform as ‘growth specialists’. The client is also given a customised brand dashboard. Based on the requirements of the client and their experience, area of operation, and inclination, growth specialists are assigned to the client(s).

Through the brand dashboard, client can share leads and brief the on-ground team about the product or solution. Client can also track the progress of the sales process. Success parameters are set in tandem with client’s brief. The client pays for the successful closure of the sale; Avenue Growth deducts 25 to 40 percent of the commission which is shared with the growth specialist.

“As on today, we have over 5000 free-lance sales professionals typically having 3 plus years experience from FMCG | Digital | Finance | Hospitality | Retail background. We are present in 280 Indian cities and working with 30+ brands. We are looking to on-board 1,00,000 Growth Specialists by year end,” says Dilkash Rai Malhotra-COO & Co-Founder-Avenue Growth.