New Delhi, 7th February 2022: Meraqui a tech-enabled, efficient grey and blue-collar work resource management platform specializing in employee lifecycle management, has raised $1 million in seed funding from HNI investors.
Meraqui’s vision of “improving the livelihood” of blue-collared work resource was the driving force behind the investment. The company will use its capital to accelerate its journey to USD 20mn Gross Revenue by expanding to more cities in the next 6 months, launching new modules and developing the next generation of technology services to make experiences immersive and effective.
Meraqui is in initial discussions with investors to raise its Series A capital by the first quarter of the next fiscal. The company is drawing significant investor interest as they carve out their expansion plans to address inefficiencies in this space thereby creating newer possibilities.
Start-up Co-founder Shalin Maheshwari said “we enjoy the stature of being the first-ever tech-powered Workforce as a Solution (WaaS) platform that helps hire, manage talent as well as offer relevant gigs for the 450 million strong blue collar workforce of our country. We manage over 1.5 million man hours each month on our platform with a Gross ARR of 100 crores.”
Since its beginning three years ago, the firm has expanded at a rate of over 200 percent each year, with positive unit economics. With a strong pan-India presence in over 25 states and 82 cities, they want to expand greatly in the next few years and contribute to the government’s objective of a $5 trillion economy.
Co-founder Lalit Singh said “The company is using proprietory AI learning algorithm to fulfill the needs of various global MNC’s, Bluechip companies, and Unicorns across various sectors for executing daily tasks like sourcing, daily attendance, seamless onboarding, automated payroll, credits monthly salary along with compliance logging, and extends salary advances among other functions. Upskilling of these individuals, career progression and attrition management are vital to cost reduction of any organization with a large workforce. Doing so with a tech first approach will enable scale, efficiency whilst keeping transparency for our clients.”
Meraqui was launched by Shalin Maheshwari and Lalit Singh in January 2019. It has grown multi-fold during the pandemic, with revenues growth above 3x pre-Covid levels and profitable.