This Indian Job App Becomes Unicorn In 24 Months With Zero Profit: India’s Fastest Unicorn!
Reportedly, the unicorn Startup, Apna, reached a valuation of $1.1 billion with a new funding round led by Tiger Global Management.
How Did This Happen?
It is basically a digital hiring startup in India that connects millions of blue-collar workers to employers.
Interestingly, the startup reached unicorn status just in 21 months after the app creation and 15 months after beginning full-scale operations.
Presently, It has raised $100 million in a Series C round also joined by Owl Ventures LLC, Insight Partners Inc. and Sequoia Capital India.
So far, it is serving more than 16 million users and 150,000 employers.
Further, enabling an average of 18 million job interviews each month, ss per the company.
Removing Unemployment And More
The founder of Apna,Nirmit Parikh said, “We are solving the biggest problem in the world and, if successful, will not just remedy unemployment but also poverty, health care and education of the next generation,”.
He is a Stanford graduate who quit Apple Inc. to found Apna in 2019.
Further saying that hiring is at an all-time high for India’s 250 million low-skilled workers and Apna — which means “ours” in Hindi — listed 5 million job openings last month.
It seems that the coronavirus outbreak accelerated digital hiring.
There is also a surge in job listings across manufacturing and e-commerce spurred by the country’s recovery from several infection waves.
Apart from this, the firm is also piloting training courses like spoken English and micro-skills like making ginger chai or building PivotTables in Excel worksheets.
How Does It Work?
Presently, this app is available in 11 Indian languages across 28 cities.
By year-end, it will cover nearly all Indian cities before expanding to the U.S., Southeast Asia, the Middle East and Africa in early 2022.
Basically, this Apna helps bottom-of-the-pyramid job seekers by simply setting up profiles which only require their name, age and skills, to generate virtual business cards.
Afterword, it seeks a match among recruiters such as Amazon.com Inc., online learning startup Byju’s, Burger King or smaller enterprises and neighborhood kirana stores.