There was a buzz of making Apna app the fastest domestic startup to reach unicorn status by Tiger Global and it did by leading in a new financing round with $100 million Owl Ventures, Maverick Ventures and GSV Ventures have also participated as new investors with Existing investors Sequoia Capital India and Insight Partners in the latest Series C funding round this year. The startup has raised $190 million so far this year.
Apna.co has also become the 28th unicorn this year, and it achieved this feat in just 21 months making it the fastest startup to become the unicorn as unprecedented amounts of capital have been pumped into the startup ecosystem. previously udaan achieved this feat in 26 months.
Apna helps blue-collar job seekers to get their jobs by setting up simple profiles requiring only their name, age, and skills, generating a virtual business card. It then seeks out a match among recruiters
“I think, for me, valuations are nothing but a directional marker, that we are going in the right direction,” chief executive and founder Nirmit Parikh told ET. “We have had a stellar growth. Strong performance and consistent performance have created a lot of investor confidence. And that is why we see a bunch of investors doubling down.”
The company has grown by 125 times over the past 15 months and plans to utilize the fresh capital for product development and add to its 280-member team across functions like engineering and product. It was present in about 14 cities in June, has expanded to 28 cities in the last two months.
Apna serves more than 16 million users and 150,000 employers and enables an average of 18 million job interviews each month, Parikh said gig workers, sales, marketing, and business development roles are particularly popular and there has also been a surge in manufacturing jobs.
The company “is targeting all 2.3 billion people in the emerging working class around the globe,” he said in a video interview from Dallas. 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.