Home | HR Pulse Daily » News » ” Quinyx, Located in Stockholm, Has Raised $50 Million to Assist” Quinyx, Located in Stockholm, Has Raised $50 Million to Assist Businesses in Hiring Gig Workers” in Hiring Gig Workers”

” Quinyx, Located in Stockholm, Has Raised $50 Million to Assist” Quinyx, Located in Stockholm, Has Raised $50 Million to Assist Businesses in Hiring Gig Workers” in Hiring Gig Workers”

AI-powered workforce management (WFM) platform Quinyx has raised $50 Mn (approx €44 Mn) in a fresh round of funding led by Battery Ventures. The recent round of funding brings Quinyx's valuation to $550 Mn and total capital to more than $89 million.

AI-powered workforce management (WFM) platform Quinyx has raised $50 Mn (approx €44 Mn) in a fresh round of funding led by Battery Ventures. The recent round of funding brings Quinyx’s valuation to $550 Mn and total capital to more than $89 million.

The money raised will be utilised towards hiring and product research and development.

Founded in 2005 by Erik Fjellborg, Quinyx has witnessed massive growth over the past year. According to the company, this growth reflects the demand for organisations hiring an hourly workforce to do more with less, as current shortages of staffing put a squeeze on businesses’ operations.

After companies were nudged into remote work model after the COVID-19 outbreak, many explored the opportunities to work with gig workers.

Erik Fjellborg, Founder and CEO of Quinyx, said, “The pandemic has fundamentally altered when and where the workforce wants to work, while COVID-related obstacles have added to the challenges organisations face. Hourly workers and the companies employing them have always been at the centre of our product and everything we do.”

The startup already works with companies like McDonald’s, Sysco, Domino’s, Maersk, IHG, and DHL and helps them improve productivity, drive business outcomes, and enhance the employee experience.

With offices in the US, the UK, Australia, Sweden, Finland, Germany, Norway, Denmark, and the Netherlands, Quinyx now focuses on accelerating further innovation and expansion.

In October 2020, Quinyx acquired Widget Brain, a startup that uses artificial intelligence to automate and optimise workforce scheduling. Quinyx leverages Widget Brain’s solution to automate its labour optimisation process through Widget Brain’s AI-driven technology.

With the overall HR tech market rapidly evolving and growing, Quinyx has a great opportunity to take a leap in the gig workforce management space. In major markets in Asia Pacific, it competes with HR tech market leaders like SAP SuccessFactors and BambooHR. It also competes with other gig workforce management platforms like SnagAJob, Skedulo, Catalant, and Field Nation, among others.

Vehicle subscription and sharing platform, Myles Automotive Technologies announced the appointment of Amrish Bhargava as its new Chief Executive Officer (CEO). The appointment is aligned with the company’s long-term growth, among other things.

As the CEO, he will be responsible for overseeing the partnerships, customer acquisitions, and product enhancements along with working with the founders on the overall business strategy. Prior to starting his journey with Myles, he was heading the Auto Division at Poonawalla Fincorp. Besides driving key business metrics like AUM growth and ROTA, his key responsibilities were charting out business strategy and aligning group goals.

Sakshi Vij, Founder and MD, Mylescars, said, “I am a strong believer that any idea is as good as the team that executes it. As we embark on the next phase of growth at Myles, it is crucial that we are able to do so with a healthy mix of innovation, experience, and collaboration. We are thrilled to welcome Amrish onboard at this stage of our journey. His energy and experience will be integral to our growth moving forward.”

Bhargava brings in over two decades of experience in the Auto Finance and Leasing industry. He has successfully managed portfolios worth over Rs. 1000 crore in the auto finance sector.

Speaking on his appointment, Bhargava added that he is bullish about the future of alternate ownership. Subscription is a logical way forward for the auto space. The customer needs flexibility, and subscription is the way to go.

Simplilearn has announced its first ever ESOP buyback which is worth Rs. 48.74 crore (US$6.4 million). This is the first time ESOPs have been bought back by the company and it was undertaken as part of a recent investment by Blackstone earlier this year.

The company had offered active employees the opportunity to liquidate up to 25% of their vested ESOPs as part of this buyback, with 65% of the active employees with ESOPs liquidating their options as part of this buyback process. Following this, Simplilearn rewarded all these employees with additional new ESOPs for their continued contribution to its growth.

“Having launched our ESOPs plan in 2012, this was an ideal time to offer liquidity on the same. For many of our employees, this was their first opportunity in their professional lives to own or liquidate ESOPs. We are happy to be able to remunerate our employees for their contribution with the buyback. This also provides a great chance to create wealth, given that we also issued new, additional ESOPs for the future,” said Krishna Kumar, Co-Founder and Chief Executive Officer, Simplilearn.

The company derives over 60% of its business at present from international markets. With employee wealth creation as a key part of the people strategy, Simplilearn is hiring leaders across all levels in the Indian and U.S. markets as part of its aggressive growth plan and agenda to strengthen its global team. This hiring includes the recent addition of Deborah Quazzo to the company’s board of directors and the appointment of Saurabh Arya as the Vice President- Simplilearn Enterprise, with many others joining in the next few months.

Zappyhire, an artificial intelligence-based recruitment platform has raised INR 3.71 crore from the Kerala Angel Network and from Alex K. Babu, Founder, and CMD, Hedge Finance Limited.

The round also witnessed the participation of strategic investors such as Shihab Muhammed, Ex-Co-Founder of Freshservice (Freshdesk), Navas Meeran, Chairman, Eastern Condiments Pvt. Ltd., Dr. M. I. Sahadulla, Rajesh Nair – Associate Partner EY, Chairman & Managing Director, KIMS, and K. Paul Thomas, Founder of ESAF Group of Social Enterprises.

“Technology-based recruiting solutions which have the technical heft to scale and provide customized solutions is the need of the hour. Zappyhire has a great product requirement – market offering fit and we are confident that they will produce a valuable service to the talent landscape,“ said the lead investor Rajesh Nair, Associate Partner, EY.

In a statement, the company expressed that it is looking forward to working with marquee investors and exploring all possible synergies. The round saw more than four of Zappyhire’s customers including ESAF and Hedge Securities turn into investors.

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Rajesh Tamada