Quess Corp intends to invest Rs 10 crore in Stellarslog Technovation. The investment will be made in a number of tranches. In return, Stellarslog Technovation, which owns Taskmo, the online gig workers’ marketplace, will let Quess Corp have 49 per cent stake in it.
The Bengaluru-based startup will issue 1,92,156 equity shares at a rate of Rs 520. Quess plans to pay Rs 2 crore for a 16.1 per cent equity stake by the end of January. The rest of the investment will be done in three months’ time, after which Quess will hold the right to increase its stake to 51 per cent.
Once successfully closed, this deal will allow Quess to enter the digital gig economy of the country. While Taskmo is a digital platform that helps businesses outsource their tasks to a network of gig workers, Quess offers human resources services in the form of skilled workers under its temporary, permanent and on-demand models. Therefore, the coming together of Taskmo and Quess Corp will result in a win-win combination.
Taskmo’s website and Play Store app not only train gig workers, but also match them with suitable jobs. With this deal, Quess will now be able to enter the gig space, which is expected to be worth approximately four billion dollars in the next five years.
Stellarslog Technovation posted a revenues of Rs 1.61 crore in the financial year ended March 2020 (FY20), and boasts of more than 11,000 users as on December 31, 2020.