Tiger Global in Talks to Invest in Apna

Apna's Rapid Ascent Towards Unicorn Status

Apna, a startup just 21 months old, is making significant strides in assisting India’s blue- and gray-collar workforce. The company focuses on providing upskilling opportunities, fostering communities, and facilitating job placement.

Securing a $100 Million Funding Round

Sources indicate that Tiger Global is in advanced discussions to spearhead a $100 million investment round for Apna. This potential funding would value the startup at over $1 billion, according to four individuals with knowledge of the negotiations.

It’s important to note that the deal isn’t finalized, and the terms are subject to change. However, if completed, this round would mark a pivotal moment for Apna.

Becoming the Youngest Indian Unicorn

Successful completion of this funding would establish Apna as the youngest Indian startup to achieve unicorn status. Launched in December 2019, the company’s valuation reached $570 million during its Series B funding in June of this year.

This would also represent Apna’s third financing round within a period of less than seven months, demonstrating strong investor confidence.

Investor Response and Company Stance

Tiger Global, already an investor in Apna, has not yet responded to requests for comment. Nirmit Parikh, founder and CEO of Apna – formerly with Apple – declined to provide a statement on Tuesday.

Addressing the Needs of India's Workforce

India’s urban centers are populated by hundreds of millions of workers with limited skills, many of whom migrated from rural areas seeking employment. The coronavirus pandemic has unfortunately led to job losses for many within this demographic.

Inspired by a 2019 Bollywood track, Apna is developing a scalable networking platform. This infrastructure aims to connect workers with suitable employers and secure job opportunities.

Platform Growth and Features

The Apna Android app allows users to enhance their skills, practice interview techniques, and qualify for a wider range of positions. As of June, the platform had over 10 million users.

Furthermore, Apna was facilitating more than 15 million job interviews monthly. All job postings on the platform are verified by the company and are offered to candidates at no cost.

Strategic Partnerships

Apna has established collaborations with prominent public and private organizations in India. These partnerships include support for the Ministry of Minority Affairs, the National Skill Development Corporation, and UNICEF YuWaah, all aimed at improving skilling and job prospects.

Tiger Global's Increased Investment in India

These investment discussions highlight Tiger Global’s growing focus on the Indian market. The New York-based firm has made numerous significant investments in India this year, including ventures like BharatPe, Gupshup, DealShare, Classplus, Urban Company, CoinSwitch Kuber, and Groww.

The Rise of Indian Unicorns

This year has seen a surge in Indian startups achieving unicorn status, with over two dozen companies joining the list, compared to eleven in the previous year. This increase is fueled by substantial investment from firms like Tiger Global, SoftBank, and Falcon Edge.

Existing Investors

Apna currently benefits from the support of existing investors, including Insight Partners, Lightspeed, and Sequoia Capital.

Key Features of the Apna Platform

Upskilling Resources: Provides opportunities for workers to enhance their skills.
Community Building: Fosters connections among blue- and gray-collar workers.
Job Matching: Connects workers with relevant employment opportunities.
Verified Job Listings: Ensures the authenticity of job postings.
Free Access: Offers all services to candidates at no cost.