San Francisco-based staffing solutions provider Instawork has acquired the technology platform built by Bengaluru-based online placement forum Able Jobs for an undisclosed amount.
Ravish Agrawal, one of the co-founders, will serve as an advisor to Instawork, while Siddharth Srivastava, the other cofounder will join Instawork as a product leader.
Through the deal, Elevation Capital, Titan Capital and other venture investors on the captable of Able Jobs will exit the company and the small team of around four employees still with the company will be taken in by Instawork, the spokesperson added.
Founded in 2019, Able Jobs runs an online platform to help young professionals with the necessary skills and knowledge to secure employment. The company said that it has successfully helped more than 35,000 candidates secure employment and the app has been used by nearly three million users and more than 2,500 employers.
Able Jobs had raised a total of $2.3 million from Elevation Capital, Y Combinators, Titan Capital, Mynavi, FirstCheque and super angels like Neeraj Arora and Farid Ahsan.
Instawork, another Y Combinator-backed startup, is an online staffing platform founded in 2016 by Sumir Meghani, which connects businesses with skilled hourly workers. The platform provides flexible work opportunities across various industries, including hospitality, warehousing, retail and events.
Through the deal, Instawork will use Able Jobs’s product to enhance its own capabilities and build from India for the global market, the company said in a statement.
Instawork has raised $160 million in equity funding over multiple rounds and was last valued in 2023 at $760 million. It is backed by investors like Benchmark, Greylock, Craft Ventures, Spark Capital, Y Combinator and venture capital fund TCV.
“Our aim behind starting Able Jobs in 2019 was to build an affordable and impactful platform for job seekers to navigate their careers and Instawork is venturing into some new areas in the US right now. By partnering with them our product can actually help them achieve that faster,” said Ravish Agrawal of Able Jobs.
Source: Economic Times