Team StartupCity

• WorkIndia to raise Rs 114.35 crore ($13M) from Aavishkaar Capital, BEENEXT, and co-founders
• New round expected to lift valuation by over 35% to Rs 803 crore
• Company reports 25% revenue growth and reduced losses in FY25

WorkIndia, the blue and grey collar job portal, is set to raise Rs 114.35 crore (around $13 million) in a new funding round backed by Aavishkaar Capital, existing investor BEENEXT, and co-founders Nilesh Dungarwal and Moiz Arsiwala. This marks the company’s first fundraise in nearly three years, following its $12 million round in early 2023.

According to filings with the Registrar of Companies, WorkIndia’s board has approved issuing 3,067 compulsory convertible preference shares and 100 equity shares at Rs 2,27,369 each, raising Rs 72 crore. Aavishkaar Capital will join as a new investor with Rs 50 crore, while BEENEXT will contribute Rs 22 crore.

Additionally, WorkIndia will issue 1,869 partly paid-up CCPS worth Rs 42.35 crore to co-founders Dungarwal and Arsiwala. With this, the total capital raised in the round comes to Rs 114.35 crore. As per estimates, the company’s valuation is expected to rise more than 35% to about Rs 803 crore ($91 million), compared to Rs 590 crore in its previous funding round.

Founded by Kunal Patil, Nilesh Dungarwal, and Moiz Arsiwala, WorkIndia provides job opportunities across 50 categories, including tele-calling, field sales, and delivery roles. To date, the platform has raised around $30 million from investors like BEENEXT, Xiaomi, SBI Holdings, and Insitor.

Also Read: BYT Capital Unveils Rs 180 Crore Fund for Deep-Tech Startups

BEENEXT remains the largest external shareholder with an 11.31% stake before this round, followed by Xiaomi at 7.3%. The founders collectively hold 32.1%.

For FY25, WorkIndia reported a 25% increase in operating revenue to Rs 78.7 crore and reduced losses by 25% to Rs 23.06 crore, reflecting improved operational performance.