Mobile crowdfunding platform Playment has today announced the raising of $699,000 in its pre-Series A funding round. The investment in the round was led by SAIF Partners.
The raised amount will be used by Playment to further expand its team and to scale its client deployments.
The company was founded in August 2015 but started operations from the month of November. It was founded by Siddharth Mall, Akshay Lal, and Ajinkya Malasane.
It helps large companies bring cost-effectiveness and speed to their operations. On the other side, it also helps smartphone users supplement their income on the go.
Simply, it enables large companies to crowdsource completion of process oriented tasks that are typically done by in-house or outsourced teams.
Siddharth Mall, co-founder of the company, said,
Since the players are not employed by the platform, the overhead cost is zero. We are ridiculously fast, as thousands of Players simultaneously work on the tasks 24×7. Working at scale, we can very well optimise for sudden spikes.
Within 8 months since launch, the company has been able to generate over 5 million microtasks for some of the top ecommerce companies in the country. Its major clients include Flipkart, Myntra, Paytm, Voonik, ibhejo and more.
Mayank Khanduja, Principal, SAIF Partners, said,
While the platform is still in early stages, it’s power lies in the ability to generate direct and recurring cash earnings for anyone with a smartphone within minutes of coming on the platform. India is a fast growing emerging market with lots of ambitious people and we believe the masses would get addicted to Playment.