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PickMyWork
PickMyWork is a gig platform that helps businesses acquire new customers through a Pay-per-task Model using up-skilled unemployed youth
$X,000,000
Y% undefined $X,000,000
Z
2 months ago
Overview

Investors, please reach out to [email protected] if you have any questions regarding this investment opportunity or indicate your soft commitment through the link above!

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Pitch Session

Q&A Session   


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Quick Pitch

The biggest challenge for any business is signing up customers. In India, it is extremely difficult to get customers through digital channels, hiring a sales force on the ground is not an alternative as it is both expensive and time-consuming. PickMyWork is a gig platform that gives businesses an on-demand sales force to sign customers at 1/20th the cost on a pay-per-task model, using upskilled unemployed youth. Clients provide a condensed training video to educate gig workers on the products and services to be sold.

Problem Statement

1. Customers (Merchants) are not engaged on social media

  • With the low smartphone penetration rate in India, social media marketing is very costly
  • These installations rarely lead to daily active users

2. Keeping an in-house sales team is costly

  • Companies are burning millions on sales hire to get merchants to install their apps
  • Not feasible for smaller businesses
  • Takes up too much time from business owners

Solution

PickMyWork developed a gig platform that gives businesses an on-demand sales force that provides services such as merchant acquisition, sales, auditing, and more to come! PickMyWork has helped 90,000 small-medium businesses in India scale up to 10x faster with their cutting edge technology in customer acquisition, providing up to 31.6% of cost savings.

Market Size

PickMyWork has a Total Addressable Market of US$661bn and Serviceable Addressable market of US$3.2bn. The gig economy is rising with the number of freelance/contract workers rising from 20% to 25% in the past 2-years and 1 in every 4 freelancers globally is from India.

Product Summary

PickMyWork's digital platform allows businesses to easily acquire workers and help youths to find, interview, train and manage their job all in one app:

1. Business Facing Side

  • Job listings
  • Automated forms for job postings
  • City-specific management for jobs

2. Gig Working Facing Side

  • Easy application for all available jobs
  • Video and text job descriptions
  • Automated interview process with PickMyWork HR
  • Digital in-app work contracts
  • Digital in-app jobs specific training videos and onboarding

Business Model

1. PickMyWork collects $4 for every task completed from businesses

2. $2 (50%) is passed on to the gig worker as payment

3. Development of technology to monetise gig worker data for insurance and loans for increased margins

4. Pilots underway to offer services for companies to advertise gig workers

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Traction

PickMyWork is in 150 cities across India signing 15,000 customers for their clients every month. Their user base has 40% week-on-week growth.

  • 50% increase in inbound leads month-on-month over the last 6-months
  • 6x total revenue in 12-months and currently running at breakeven

PickMyWork's clients include:

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Competitive Landscape

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Key Team Members 

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Fundraising Round & User Of Funds

PickMyWork is raising a Pre-series A priced round of US$1m with a term sheet and investment of US$500k secured from lead investor SOSV at a US$6m pre-money valuation. US$200k has been allocated to FundedHere. 

1. Building Gig Worker Population (40%)

  • Marketing campaign costs for increasing app installations
  • Digital training and onboarding costs to retain active gig workers

2. Technology & Digitalisation (30%)

  • Enchanced dashboard to manage more gig workers per manager
  • In-app messaging for gig workers to raise queries
  • Monetise gig worker data through opportunities like insurance, loans ,medical and reward
  • Leverage city-level learning to improve gig workers productivity
  • Enchance upskilling engine using training and test scores to predict user performance

Press

Website - www.pickmywork.com 

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