$864 billion was paid out to the gig economy last year

$864 Billion [1] was paid out to gig economy workers last year globally. The platform keeps 20-30% which still leaves a large opportunity for spending on utilities education durables entertainment housing wealth etc from those audiences. Globally – transportation as a theme has been most mature, and that trend will continue in every country too. But it won’t be long before you can tap to bring every from a masseuse to a lawyer (Happening happening with gojek). Betterplace pegs 120 million [2] Indians migrated from villages looking for jobs in the city half of whom looked for a job as a driver or delivery/runner.

 

 

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Bon Raises ₹7.8 crore in a Seed Round Led by Omidyar Network, Axilor, Better Capital

Bon empowers self-employed and gig-economy workers in India with easier access to working capital

PUNE, India. September 12, 2018: Bon, the FinTech platform that facilitates digital credit for flexible workers, today announced that it has raised₹7.8 crore ($1.1 million) in a Seed Round led by Omidyar Network, the Silicon Valley-based impact investing firm established by Pierre Omidyar, the founder of eBay. Bon facilitates credit to the so-called “gig-economy” workers, such as taxi and ride-share drivers, goods delivery, and other contractors in India, many of whom are first-time borrowers of formal credit. Other funders in this round include early-stage investment firm Axilor Ventures and Better Capital’s AngelList India Syndicate.

“Access to working capital is a real pain point for the growing gig workforce—one that can literally make or break a business of one. In India, where credit cards are not pervasive, this issue is even more prominent, as people don’t really have a safety net to rely on when they don’t have cash on hand,” said Bhasker “Bosky” Kode, founder and CEO of Bon. “Bon’s mission is to empower these new flexible workers to thrive by providing them an easy money management tool coupled with a credit offering that allows them to keep their business moving no matter what.”

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