Gurugram-based Avenue Growth has secured ₹3 crores ($437,000) in pre-series A funding led by Avtar Monga, Chief Operating Officer at IDFC Bank along with Aditya Malik, Chief Executive Officer of edtech firm Talentedge. These funds will be used for the strategic growth and expansion of the company, along with the development of technology.
In angel funding, the investors that participated included Brand Capital and GSV labs from Silicon Valley. The amount raised during this angel funding round is yet to be disclosed.
Aditya Malik, CEO Talentedge, said, “Customer acquisition is the core of every business, small, medium or large scale, and Avenue Growth with their highly skilled, seasoned, scalable and ready-for-action taskforce is the ideal outsourced solution for customer acquisition,”.
Avenue Growth is an online platform that provides on-demand sales professionals for the brands to help with customer acquisition. It was founded by Rachit Mathur and Dilkash Rai Malhotra in 2017.
The business model of the company is dubbed as sales-as-a-service. It provides qualified freelance sales professionals with required training and connects them to the brands as per the requirements and needs of the brands.
The freelance professionals pay a one-time onboarding fee and brands only need to pay on the closure of the sales deal. This helps the brands get sales professional whenever needed, making it a cost-effective affair for the brands. The company generates revenue by taking commissions on every sale generated through the platform. This provides a win-win situation for everyone involved.
It is operational in over 500 cities and claims to have more than 7,500 sales professional onboard the platform along with over 40 brands. Avenue Growth is expecting to get more than 1,00,000 sales professionals onboard by mid-2019.
The company currently offers sales services to eight industries, including FMCG, banking, retail, insurance, consumer electronics, software, technology, hospitality, and e-commerce. Some of its clients include PNB Housing, Paytm, Airbnb, Amazon, Google, and Facebook.