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Taskmo Founders Exit As Early Investor Quess Corp Seals Buyout

Inc42 · 1y ago

Taskmo Founders Exit As Early Investor Quess Corp Seals Buyout

Bengaluru-based gig economy platform Taskmo has been acquired by business services provider Quess Corp Limited for an undisclosed amount. Taskmo, founded in 2020, aims to revolutionize the gig economy by connecting businesses with on-demand talent. With artificial intelligence and an algorithm, Taskmo assists gig workers in finding tasks, provides real-time visibility for businesses, and offers training and upskilling courses. Taskmo has achieved significant growth, completing over 2 million tasks with the help of 75,000 gig workers. The acquisition is expected to strengthen Taskmo's market position and accelerate its growth.

Related News

Gurmeet Chahal appointed as CEO of Quess Global Technology Solutions

Economic Times

Economic Times · 1y ago

Gurmeet Chahal appointed as CEO of Quess Global Technology Solutions

Business services provider Quess Corp has appointed Gurmeet Chahal as the chief executive of Quess GTS (Global Technology Solutions), which is being demerged to become Digitide Solutions. Chahal brings 25 years of experience in digital transformation across industries. Quess Corp aims to deepen its focus on healthcare and financial services while enhancing competencies in data technology, AI, and analytics. The demerger process is expected to take 12-15 months, pending approval from the Securities and Exchange Board of India. Quess Corp's chairman is confident that Chahal will drive global revenue growth and help achieve the goal of becoming a $1 billion technology business.

Quess once staffed India’s factories. Now, it is putting AI agents to work

Livemint

Livemint · 2m ago

Quess once staffed India’s factories. Now, it is putting AI agents to work

Digitide Solutions, recently demerged from Quess Corp, employs AI agents as a chief listening officer to monitor employee morale. This AI solution communicates with employees to address concerns and manage attrition, demonstrating a shift from traditional human HR roles to AI-driven interactions. The innovative approach initiated by Quess founder Ajit Isaac highlights the growing integration of AI into human resource management, transforming traditional staffing practices into tech-driven solutions.

Banks, fintechs eye Paytm’s staff benefits business

Economic Times

Economic Times · 1y ago

Banks, fintechs eye Paytm’s staff benefits business

Paytm's exit from the employee benefits market is expected to create opportunities for competitors like Pluxee and Zaggle to expand their presence. With Paytm facing regulatory actions, large corporations are seeking alternative options for meal benefits to ensure tax compliance. Zaggle has already onboarded new corporate clients such as Wipro, Quess Corp, and Axis Bank. Pluxee, the employee benefit business of Sodexo, is also looking to tap into these fresh opportunities. The industry size of employee benefits is estimated to be around Rs 1 lakh crore, with margins being thin for companies operating in this space.

Reliance & Havells enter PE party to snap up Whirlpool

Economic Times

Economic Times · 2m ago

Reliance & Havells enter PE party to snap up Whirlpool

Reliance Retail and Havells India are competing with major buyout funds to acquire a controlling stake in Whirlpool of India. Whirlpool Corp seeks to sell a 31% stake, retaining a 20% equity, as part of global restructuring. The sale is expected to generate $550-600 million. If completed, it might trigger an open offer for an additional 26% stake from public shareholders, potentially giving the investor a 57% stake in Whirlpool of India.

Morgan Stanley-led Wall Street banks free books from X buyout debt

Economic Times

Economic Times · 4m ago

Morgan Stanley-led Wall Street banks free books from X buyout debt

Wall Street banks, led by Morgan Stanley, finally offloaded Twitter's buyout debt from their books. These banks sold the last $1.23 billion portion of the $13 billion debt associated with Elon Musk's acquisition, now under X Holdings Corp. Initially facing investor hesitance, improved financials and demand allowed for a successful sale. The refinancing also reduced interest expenses significantly. X plans to evolve with AI and subscriptions, targeting a $20 billion investment.

SoftBank sells 2% stake in Paytm

Economic Times

Economic Times · 1y ago

SoftBank sells 2% stake in Paytm

Japanese investor SoftBank Group Corp has sold a 2.17% stake in Indian payments firm Paytm, according to an exchange filing. This follows a previous announcement by SoftBank that it had sold a 2% stake in fintech company One97 Communications, the parent company of Paytm. SoftBank has been decreasing its stake in Paytm as it reportedly plans to eventually exit the company entirely.

Ranjan Pai’s family office Claypond hires former Foundit CEO to beef up top deck

VCCircle

VCCircle · 4m ago

Ranjan Pai’s family office Claypond hires former Foundit CEO to beef up top deck

Claypond Capital, the family investment office of Manipal Hospitals' chairman Ranjan Pai, has appointed Sekhar Garisa as managing director. Previously CEO of Foundit, Garisa joins from Quess Corp. His role will involve working closely with Claypond's portfolio companies as the family office strengthens its leadership. Claypond has been enhancing its investment strategy in startups, including medtech acquisitions, following a significant shareholding change in Manipal Health Enterprises.

Alibaba seals India retreat with profits on unicorn bets

The Arc Web

The Arc Web · 1y ago

Alibaba seals India retreat with profits on unicorn bets

China's Alibaba Group is planning to exit its investments in India following a period of aggressive moves from 2015 to 2020. Despite facing restrictions on Chinese investments in domestic companies, Alibaba is expected to profit at least 100% from its $2 billion investment in half a dozen Indian companies. Zomato, a food-delivery unicorn that went public in 2021, has proven to be Alibaba's most successful investment in India. However, the company has also experienced losses in other e-commerce platforms such as Paytm Mall and Snapdeal.

Mamaearth in talks with Fidelity, GIC, QIA, SoftBank for $150 million pre-IPO round

Money Control

Money Control · 2y ago

Mamaearth in talks with Fidelity, GIC, QIA, SoftBank for $150 million pre-IPO round

Even though founders Varun and Ghazal Alagh are confident of delivering an exit to investors through their upcoming public listing, a few early investors want to offload shares before the IPO, according to a source.

The Moms Co Founder Mohit Sadaani Joins DeVC As Managing Director

Inc42 · 11m ago

The Moms Co Founder Mohit Sadaani Joins DeVC As Managing Director

Mohit Sadaani has joined DeVC as its managing director after two years of working as an angel investor. DeVC is an early-stage venture capital firm that supports startups at various levels. Sadaani has previously invested in 30 startups, including Perfora, Zippee, BizUp, My Muse, and Ripik.ai. Founded in 2022, DeVC positions itself as a fund established by founders, operators, and early investors.

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