Awign expects gig work to be formalised under labour laws during Union Budget

The company clocked a net revenue of Rs 62 crore and saw a 368.32% increase in net revenue in F22 vis-à-vis FY21.

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According to Annanya Sarthak, CEO and co-founder, Awign, the company generates its revenue from three primary sources

Gig working platform Awign has clocked a net revenue of Rs 62.97 crore on the back of a net loss of Rs 20.15 crore. As per regulatory filings accessed by business intelligence platform Tofler, the company saw a 368.32% increase in net revenue in FY22 vis-à-vis FY21. The company claims to majorly rely on word-of-the-mouth marketing and asserts that it is operationally profitable. “Currently, we have 1.5 million gig workers across 500 cities. In terms of enterprise customers, we have close to 100 enterprises across industries such as banking, financial services and insurance (BFSI), e-commerce, fast-moving consumer goods (FMCG), construction, and logistics, among others,” Annanya Sarthak, CEO and co-founder, Awign, elaborated. Additionally, he claimed that the company had recorded 10x growth in the past 18 months.

According to Sarthak, the company generates its revenue from three primary sources. Firstly, it considers end-to-end work fulfilment which includes auditing work for companies. Additionally, the company also provides remote content creation services for short-form video companies. “100,000-200,000 videos each day in about 20 languages with a turnout time of 15-20 minutes,” he stated. Lastly, the company relies on its white-collar workers’ segment which includes gig workers who are experts in their respective fields.

“With regards to employment under gig work, IT firms and IT consulting firms, fast-moving consumer goods (FMCG), and quick service restaurants (QSRs) account for the highest share of the revenue for the company,” he stated.

Gig working has seen an upward momentum in the economy, where participation of gig workers rose by three times and hiring demand increased by 10 times in 2022 compared to 2021. In line with this data, Sarthak expects Finance Minister Nirmala Sitharaman to formalise and recognise gig work under the labour laws during the Union Budget 2023 which will be held on February 1, 2023.

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First published on: 31-01-2023 at 09:02 IST