PickMyWork Raises Funds to Enhance Financial Services Penetration in Tier 2 and Tier 3 Cities Using Gig Worker Network

0
23
Business Wire India

PickMyWork, a leading platform leveraging gig workers to improve the reach of financial services, has announced the successful completion of its latest funding round. The funding will be used to accelerate the company’s mission to enhance financial services penetration in India’s tier 2 and tier 3 cities.

The investment round saw participation from prominent investors, including Gray Matters Capital, GI Ventures, SAN Angels, and Chandigarh Angels. This influx of capital will enable PickMyWork to expand its gig worker network, push financial products tailored to underserved markets, and invest in technology to improve service delivery.

SAN Angels, one of the investors in this round, commented, “We are thrilled to support PickMyWork in their mission to bring financial services to Bharat. Their innovative approach using gig workers has the potential to create a significant impact with physical touch points to improve financial literacy and adoption. We look forward to supporting PickMyWork for their future funding needs.”

“At PickMyWork, we are dedicated to bridging the gap in financial inclusion across India’s tier 2 and tier 3 cities. This funding is a testament to the confidence our investors have in our vision and our business model,” said Vidyarthi Baddireddy, CEO of PickMyWork. “With the support of our investors, we aim to empower more gig workers and provide essential financial services to communities that need them the most.”

A representative from Gray Matters Capital, Inc. (GMC), an impact investing foundation with a gender focus, commented, “We are thrilled to support PMW with seed investment. Their innovative model enables women gig workers to work from home, promoting the first step towards financial independence. We also hope they continue to prove the business case for hiring more women, as they tend to have better retention and sales conversion rates.”

PickMyWork’s unique approach involves training and deploying gig workers to sell financial products and services in areas where traditional financial institutions have limited reach. This model not only enhances financial inclusion but also provides gig workers with sustainable income opportunities.