Apna.co, a professional networking platform for blue- and grey-collar workers, has entered the coveted unicorn club, or those companies with a valuation of $1 billion or more, in just 21 months, the fastest Indian startup to do so. The company said it had raised $100 million in a new financing round, led by existing investor Tiger Global. Owl Ventures, Maverick Ventures and GSV Ventures have also come on board as new investors in its third funding round this year.
The round, which values Apna at $1.1 billion, comes three months after the startup raised $70 million in its Series B fundraise, co-led by Insight Partners and Tiger Global. The current round almost doubles Apna’s valuation, which was last valued at $570 million in the June fundraise. The startup has raised $190 million so far this year, including the current round, reported ET.
Founded in 2019, Apna.co comprises vertical communities for skilled professionals like carpenters, painters, field sales agents, and beauticians. Users on the app access local jobs, network with peers, and tap into upskilling opportunities. The company has run pilots for paid products and sees a monetizing opportunity in both recruitment and the upskilling market.
With the fundraise, Apna plans to scale its presence to 250 million users, across 300 Indian cities, with over 1 million employers on its platform, by the end of 2022. By early next year, the company is also planning to enter two new international geographies. It is currently targeting the US, Southeast Asia, Middle East, and Africa for its geographical expansion. It also plans to ramp up hiring across engineering and product functions.
At present, Apna claims to have over 16 million users and serves more than 150,000 small and medium business (SMB) employers as well as enterprises. Its enterprise customers include Zomato, Bharti AXA, Urban Company, BYJU’S, PhonePe, Burger King, and Delhivery, among others. It currently has over 5 million active job openings, across 70 segments on its platform and has a presence in across 28 cities in India.
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