Apna becomes the fastest unicorn in India after raising $100 million in a Series C funding led by Tiger Global, at a total valuation of $1.1 billion
Apna, the 2-year-old professional networking platform, for blue and grey collar workers, raised $100 million in a Series C funding led by Tiger Global, at a total valuation of $1.1 billion on September 15. This made Apna one of the fastest Indian unicorns.
Apna’s latest round of funding is the 3rd in 13 months, propelling the company into India’s 27th unicorn of 2021. It is, as of now, in the pre-revenue stage, and does not generate any revenue yet, which was also the case with Ola Electric.
“For me, valuations are directional markers of success,” said Nirmit Parikh, the CEO and founder of Apna. “We don’t want to get away from our goal. When you combine a deep social purpose to a robust business model, it is fostering a lot of investor confidence.”
Apna, currently active in 28 cities, helps first time internet users access professional opportunities, collaborate with others, gain new skills, and create communities that can help motivate them and find jobs.
Earlier, the company raised $70 million in a funding round led by US based investors Insight Partners and Tiger Global on 16th June, valuing the company at $570 million. The latest round of funding saw companies, like Owl Ventures, Insight Partners, Maverick ventures, GSV Ventures and Sequoia Capital India, invest in Apna.
It claims to have 16 million users and 1.5 lakh recruiters on its platform, including Zomato, Urban Company, Byju’s, PhonePe, Delhivery, Burger King and Teamlease, and conduct 18 million interviews every month.
The company plans to use the funding to establish presence across India, and set up operations in the US, Middle East, Africa and Southeast Asia early in 2022.