We are currently living in the age of startups, where young and fresh minds with new ideas come up with various ways to solve existing problems in the market, develop new, exciting products and keep the market fresh. Startups have always been integral to the growth of any country or region, and the rise of startups in India has been nothing short of overwhelmingly positive. India has become the 3rd largest startup ecosystem in the world as of Economic Survey 2021-22, with the startup scene in the country generating over 7,00,000 jobs in the market. What is even more extraordinary is the rate of increase of startups in the country, with India going from a mere 471 startups in 2016 to 72,993 in 2022.
We need to inculcate people’s interest in startups and make them aware of the scope of ventures in India, to further strengthen our country’s startup ecosystem. To do this, we must appreciate and know more about the various upcoming ventures in our country and how these startups are trying to diversify the market in their respective domains. In this quest of ours, we learnt about Avenue Growth, an online platform which aims to brand together with freelancing professionals and provide a roadmap for growth. It is a private startup company which aims to ease the business tasks of freelancers by providing a unified platform. In this article, we go about the details of this startup and what makes it unique in the market space.
About Avenue Growth: Founders, Startup Story and More
Avenue Growth was founded in 2017 by Dilkash Malhotra and Rachit Mathur as its founding members. It is a workplace platform for freelancers and small businesses to provide ease of labor and get a workforce with no issues. The company is seed funded, which means that the initial funding of the company is investment provided to the start-up to help them get their business off the ground. A seed fund is typically the earliest stage of funding in a company’s life cycle and is used to cover the initial costs of launching and developing the business before it becomes financially self-sufficient or before seeking larger rounds of investment.
Avenue Growth’s legal name is Growth Skills Private Limited. The company is active and is in the Asian-Pacific (APAC) region. The company deals with industries of Retail, Advertising, Sales and Business Development. It has had a total of 3 funding rounds and has raised a total of 30 million. The company has various investors, with the 3 lead investors being the Ministry of Electronics and Information Technology (MeitY), ITI Growth Opportunities Fund, and IAES ventures. Also, more money was raised for the company on 9th February of 2023, of which the amount is currently not disclosed. It is a small business startup, with 10-50 employees currently working in the company.
Avenue Growth: Mission and Services
As we stated, What it does is that it enables companies to find people for their workforce, hire them, and manage them more efficiently through the platform. It is designed to streamline the process of recruiting and managing workers, especially for tasks or projects that require temporary or on-demand labor which is the majority of work required for freelancers looking for growth. Some features that Avenue Growth offers:
- Job Posting: Employers can post job postings that include the duties, skills needed, and other pertinent information.
- Worker Profile: A worker’s profile includes information about their abilities, past employment, availability, and reviews about them.
- Algorithms For Matching: The platform matches employers with qualified employees based on the requirements and worker profiles.
- Communication Tools: Employers and employees can communicate using the platform to go over project specifics and objectives.
- Task management: The platform offers capabilities for allocating tasks, monitoring their status, and setting deadlines.
- Payment Processing: The platform offers direct deposit to take care of processing payments for completed work.
- Ratings and Reviews: Following the completion of a task, both employers and employees are able to offer feedback and ratings to one another.
The platform provides a dashboard for companies to access their flexible workers and manage their tasks and current assignments. It also provides opportunities for workers to look for work and find work that fits their needs, with flexible hours, pay, and location. The platform aims to connect like-minded workers and brands to build strong businesses and aid in their growth. The platform is a valuable tool for both companies and workers. For companies, it provides a way to access a large pool of talented workers who are looking for flexible work arrangements. This can help companies to save money on staffing costs and to be more agile in responding to changes in demand. For workers, the platform provides a way to find work that fits their skills and interests, and that allows them to work from anywhere in the world. This can be a great way for workers to earn extra money, have a more flexible work-life balance, and explore new career opportunities. Overall, the platform is a valuable tool that can help both companies and workers to succeed.
Avenue Growth: Future and Competition
We can safely estimate that Avenue Growth is doing well, at least in the funding department, as they received more funding on 9th February of this year as we stated. And the site has monthly traffic of well over thousand people, which is pretty decent. The platform seems to be doing well for itself, but there is tough competition in this field and there are other startups out there which are offering similar services, such as Bravado, InMarket, or LeadInforce. Avenue Growth is one of the first startups functioning as a workplace platform in our country, so we should be proud of the company’s achievements and if interests are aligned, aid them in their development. The company has a clear and foreseeable bright future with the changing and evolving ways of how people work, hire and build brands.
Frequently Asked Questions (FAQs)
Q) Where is the headquarter of Avenue Growth?
Ans: Avenue Growth’s headquarter is located in Gurgaon, Haryana, India.
Q) What is Avenue Growth’s contact number?
Ans: You can contact Avenue Growth on the number +91-8181-0000-40.
Q) How much funding does Avenue Growth have?
Ans: The company has raised 30 million as of today, with more undisclosed funding received on 9th February 2023.