Apna Becomes India's Fastest Unicorn with $100M Tiger Global Investment

Apna Achieves Unicorn Status in Record Time

A startup, just 22 months old, is revolutionizing the job market for India’s blue- and gray-collar workforce. The company has rapidly become the youngest firm globally to attain unicorn status within the world’s second-largest internet market.

$100 Million Funding Round

Apna announced on Thursday the successful completion of a $100 million funding round, spearheaded by Tiger Global. This Series C investment has propelled Apna’s valuation to $1.1 billion. Reports from TechCrunch last month foreshadowed Tiger Global’s intention to lead this financing round, anticipating the unicorn valuation.

Investor Participation

The investment round also saw participation from Owl Ventures, Insight Partners, Sequoia Capital India, Maverick Ventures, and GSV Ventures. This marks the third investment Apna has secured within the current year. Previously, in June, Apna was valued at $570 million during its Series B round.

Impressive User Growth

Investor enthusiasm is fueled by Apna’s substantial growth trajectory in recent months. The platform has garnered over 16 million users on its 15-month-old Android application, a significant increase from the 10 million users reported in June.

Addressing a Critical Need

India’s urban centers are populated by hundreds of millions of low-skilled workers who migrate from rural areas seeking employment. Many have experienced job losses due to the economic slowdown caused by the coronavirus pandemic.

Building a Supportive Community

Apna has developed a platform designed to foster a community for these workers. Within this community, individuals can connect, share insights to improve interview performance, and exchange advice on salary negotiation.

Connecting Workers with Employers

Furthermore, Apna facilitates connections between these workers and potential employers. According to Apna’s founder and CEO, Nirmit Parikh, in a TechCrunch interview, over 150,000 employers – including prominent names like Zomato, Bharti AXA, Urban Company, BYJU’S, PhonePe, Burger King, Delhivery, Teamlease, and G4S Global – are active on the platform, with more than 5 million job openings available.

Facilitating Job Interviews

The startup, named after a popular 2019 Bollywood song, has enabled over 18 million job interviews in the last 30 days. Currently, Apna operates in 28 cities across India.

The Genesis of Apna

The concept for Apna originated from Parikh’s observation that despite the large population of blue- and gray-collar workers in India, finding them for assistance with tasks often presents a significant challenge.

Understanding Worker Challenges

Before launching Apna, Parikh, a former Apple employee, engaged directly with these workers, even working undercover as an electrician and floor manager to gain firsthand insight into their difficulties. He identified a key issue: a lack of connection between workers and those needing their services, as well as limited peer-to-peer networking.

Upskilling for Opportunity

The Apna app provides workers with opportunities to acquire new skills, enhancing their eligibility for a wider range of job prospects. This has positioned Apna as a rapidly expanding upskilling platform, attracting investment from edtech-focused firms like GSV Ventures and Owl Ventures.

Investor Perspective

Griffin Schroeder, partner at Tiger Global, stated, “Apna’s viral adoption is driven by a novel social and interactive approach to connecting employers with job seekers. We anticipate continued explosive growth as job seekers seek meaningful connections and verified opportunities across India – and globally.”

Future Expansion Plans

With monetization now underway, Apna is poised for aggressive expansion. Parikh indicated that the company will continue to extend its reach to more cities within India and plans to initiate global expansion by early next year, targeting the USA, South East Asia, and the Middle East and Africa.

A Vision for Impact

“We have already made a significant impact. Now, our aim is to positively influence the lives of 2.3 billion people,” Parikh declared. “Achieving this will require substantial resources and a highly skilled team. It’s a monumental undertaking, demanding a collaborative effort, but it’s a challenge that must be addressed.”