New Delhi based startup, Flexing It™ which deals with on-demand expertise marketplace has raised USD 500,000 in angel funding from private investors.
The investors participating in this funding round were former McKinsey Partner, Tilman Ehrbeck; early investor, Colvyn Harris, advertising professional and ex-CEO JWT S Asia; angel investor Arjun Dhawan, head of HCC Infrastructure and the Dhawan Family Office as well as Dhruv Agarwala, CEO, ProperTiger.com and Makaan.com, among others.
The funding will be used towards scaling out its operation across India and other geographies where there is huge demand for such service. Also, it will help in scaling its development and marketing to strengthen the product.
The startup was founded by Chandrika Pasricha. She comes with 15 years being in management consultant which was mostly at McKinsey & Co where she worked with healthcare and pharmaceuticals clients in both India and the US. “Flexing It” is a platform that connects organisations to professionals and expertise on an on-demand basis for projects, consulting assignments, advisory roles and part-time resource needs.
“Flexing It” claims to have built a community which is over 12,000 professionals, and 1000 companies are using their platform.
According to Tilman Ehrbeck, former McKinsey Partner, CEO,
“The market for project-based, flexible work has been largely unorganised and based on personal networks – I believe curated marketplaces can play a huge role in extracting its potential,”
As per Internet Trends Report-2015 published by Kleiner Perkins indicated that, the freelancing and project-based work economy has huge growth potential – 34% of the US workforce is already freelancing and Forbes estimates this number to balloon to 50% by 2020.
This fundamental shift in working practice is fast approaching in India which is being shaped by technology advancement, greater focus on expertise and delivery, changing expectations of professionals, and also greater risks to business models that place a premium on flexibility.