Quess Corp, India’s leading Business Services provider and the country’s largest private sector employer, today announced that it has signed definitive agreements to subscribe to a 49% stake in the gig economy startup, Taskmo for Rs. 10 crores.
The investment marks Quess’ entry in the Indian digital gig economy and makes it the first organised staffing player to do so. Taskmo augments Quess’ current bouquet of HR services and makes it the only Indian platform to provide skilled workers under permanent, temporary and on-demand models. It is in line with Quess’ business philosophy of providing its clients the right Fit & Flexibility in operations, while minimising Friction.
Taskmo is a leading B2B managed marketplace that serves as an on-demand platform for enterprises seeking to outsource task-based operations to a distributed network of gig workers. Available on Google Playstore and on the web, Taskmo uses a proprietary algorithm to train, match and deploy gig workers.
The transaction is aimed at:
- Entry in the Indian Gig Economy, estimated to be USD 4 bn by 2025*
- Deepening engagement with existing clients where Quess sees recurring demand for task-based flexi staffing
- Accelerating Taskmo’s growth via accelerated customer acquisition and access to best industry practices
Speaking on the occasion, Mr. Suraj Moraje, Group CEO, said, “Task based work models are here to stay, and will augment existing labour models. This investment will add to Quess’ growing digital arsenal, alongside WorQ, Qjobs and MarQet. We are excited to be accelerating this young and visionary team and look forward to winning together.”
Mr. Lohit Bhatia, President – Quess Workforce Management said, “Entry into the gig economy is a natural extension of Quess’ market leading workforce management platform. Gig and temp workforce complement each other and together represent a force multiplier for growing enterprises. We are confident that Taskmo will bring tremendous value to our clients, and we are looking forward to turbo-boosting the Taskmo franchise.”
Mr. Prashant Janadri, Co-Founder – Taskmo, said, “We are excited about partnering with the country’s largest private sector employer. We believe Taskmo’s digital-first approach combined with Quess’ scale will form a formidable force in digital workforce management. This partnership marks a pivotal point in our journey towards making access to jobs a fundamental right for every Indian and inspires us to work doubly hard.”
Mr. Naveen Ram, Co-Founder – Taskmo, said, “Quess’ joining our cap table enables us to extend our unique service offering to a large untapped market, while providing flexible work opportunities to a huge section of Indian youth. We are thankful to Quess for believing in us.”