Times Internet Ltd (TIL) has invested $15 million (Rs 100 crore) to acquire a majority stake in Taskbucks, its a mobile-only marketplace that rewards users for completing micro tasks.

The money raised will be used to look toward expanding ways in which brands can leverage its user base according to the statement made by the company.

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Taskbucks was founded in 2014 by Kumar Apurva, whose previous stints include senior roles at companies such as Info Edge, ValueFirst, Way2Online, and TIL. The startup assists brands with services such as app discovery, user retention, referral tasks, signups and social content sharing.

Apurva, CEO, Taskbucks said,

“We will soon be launching Taskbucks Pro, a premium version of Taskbucks where users can perform real-world tasks for brands, to earn more. We’ll also be working closely with Times Internet to build our brand and drive growth of our mobile app,”

The Android app claims to have clocked about five million downloads.

Apurva said the company will soon add crowd-sourced tasks, surveys, opinion polls, and offline photo tasks to offer more options for consumers and advertisers. The startup is targeting to cross 50 million downloads in the next two years.

Miten Sampat, VP, corporate development at TIL said,

“As hundreds of millions of Indians get connected with smartphones, Taskbucks is one of the few services that has an immediate and clear value proposition for the consumer,”

Earlier this month, Times Internet invested in Jaipur-based Girnar Software Pvt Ltd, which runs auto portals CarDekho.com, BikeDekho and Gaadi.com besides product discovery engine Pricedekho.com. Also, it funded Coursera, a US-based education technology company in Series C funding of $49.5 million.

The Bangalore based nanolocal commerce app, Bounty had announced last month that it had raised an undisclosed seed round of investment from Fireside Ventures, Mumbai Angels and MAPE Advisory Group.

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Biplab Ghosh

Biplab lives his life around technology and is particularly keen to explore the intersection of technology and human behaviour. Always looking for new ideas, and ways that can make things simpler. He is a geek with the flair for travel and has great passion for music and theatres.

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