How this startup helping over 750 k freelancers earn money
Gig economy is growing across the world with a lot many workers opting for part-time jobs than taking up full-time job roles. And India is no exception. The Covid pandemic has accelerated this trend as people from tier-II and tier-III cities are preferring to participate in the job market through this route. Against this backdrop, B2B gig marketplace Taskmo is witnessing rising interest for part time job seekers on its platform. In a conversation with Bizz Buzz, company's co-founder, Prashant Janadri said that 7,50,000 gig workers have registered on its platform. The company, which is now present in 4,000 pin codes, is planning to increase it to 10,000 pin codes soon. The gig platform is also planning to spread its operations overseas by entering into South East Asian market. To fund its expansion plans, the startup is currently in talks with investors to raise money in the next round of funding. The company sees huge opportunities coming up in the gig economy space as large players enter into this market with acquisitions. He also said that social security code will fuel further growth in this sector.
We are working in e-commerce, foodtech, edtech, mobility, meditech and many more other sectors. So, we work in almost all sectors as companies require gig workers or freelancers for various use cases. For instance, if a company requires help in customer acquisition, like an e-commerce company wants to onboard kirana shops, a meditech company wants to onboard medicine shops or doctors, we are providing efficient services to enterprises. When it comes to customer support, all companies want flexibility in providing these kinds of services. We also provide data support and tele support to enterprises. We help in survey and audit-related services
Taskmo will be at breakeven point in the next 2 quarters. The company, which is now present in 4,000 pin codes, is planning to increase it to 10,000 pin codes by second quarter of this year. It is also looking at global expansion, which will happen in the South East Asian market
How has the entrepreneurial journey so far? How was it started? Can you throw some light on these aspects?
We are engineering graduates. In 2017-18, we (me & Naveen) felt that we should create a general platform for freelancers. So, our entrepreneurial journey started from a Facebook page. In a span of one week, we got responses from 2,000 people who were showing interest for short-term jobs or short-term tasks. This gave us an insight that there is a huge untapped market for part-time job seekers. Then, we found our go to market strategy. In the next three to six months, we set up our platform named 'FeedMyPockets'. Due to our contribution to the gig economy, our platform received appreciation from the Government of India. In early 2020 (before the Covid pandemic), we decided to serve enterprises clients by facilitating execution of short-term tasks. Therefore, we renamed the platform as 'Taskmo'. Today, Taskmo is India's largest B2B gig work market place. In a span of just over one year, we have around 750,000 freelancers and we have completed one million tasks. Currently, we serve 4,000 pin codes across India along with serving 150 enterprises. Whenever companies want to scale up or down or expand, we provide all kinds of solutions in this process.
Which are the sectors TaskMo catering to at this point of time? What are the kinds of jobs that the platform provides?
We are working in e-commerce, foodtech, edtech, mobility, meditech and many more other sectors. So, we work in almost all sectors as companies require gig workers or freelancers for various use cases. For instance, if a company requires help in customer acquisition, like an e-commerce company wants to onboard kirana shops, a meditech company wants to onboard medicine shops or doctors, we are providing efficient services to enterprises. When it comes to customer support, all companies want flexibility in providing these kinds of services. We also provide data support and tele support to enterprises. We help in survey and audit-related services. For warehouses, enterprises also require associates (on demand).
How many jobs or tasks Taskmo currently generate per day? Do all freelancers get tasks assigned?
Our deployment ratio stands at 70-75 per cent. We are witnessing 6,000-8,000 people working daily on our platform. A user has to apply on the platform with all his/her credentials and skill sets after which he will be mapped to the relevant jobs that are available on the platform. Then, the user has to go through a training programme and clear it after which he will be assigned with relevant tasks. As far as women participation is concerned, our platform witnesses around 35 per cent female participation rate. In support-kind of roles like data support or tele support, we see 70 per cent kind of female participation rate. The target audience which Taskmo is dealing with are young people who may not like to do full time jobs as it gives them a lot of freedom.
What is the average pay out that happens in Taskmo's platform for gig workers?
It varies as it depends on the type of work and the numbers of hours they put in. Gig workers are earning from Rs1,000 to Rs5,000 per day. We have also seen gig workers earning more than Rs70,000 per month.
There are a lot of discussions on providing some social security protection to gig workers like full time workers. Have you heard anything in this regard from the government? What are your views on this aspect?
Of course, social security to gig workers will attract more people to gig platforms. Once the social security code is finalized by the government, it will give a boost to gig economy and a lot of millennials will be interested to opt for these kinds of jobs.
Are you at breakeven point now? What are your expansion plans for coming quarters?
We will reach breakeven point in the next two quarters. We are now present o in 4,000 pin codes and we plan to expand it to 10,000 pin codes by second quarter of this year. Taskmo is also looking at global expansion, which will happen in the South East Asian market.
Are you adequately funded now? Are you looking at raising more funds in the near future?
We are adequately funded now and are also seeking funds for overseas expansion. We are in talks with some investors to raise our next round of funds. We want to reach a revenue run rate of Rs100 crore by March, 2023, which will be more than 250 per cent growth from the current revenue run rate. Our team size will be around 600-650 as we grow. Big players are entering into the gig platforms. This means the gig economy is going to be really huge in coming years. Therefore, we are also in talks with platforms where Taskmo will be available.