New Delhi based Flexing It, an online marketplace for consultants and on-demand expertise, has raised $500,000 in angel round of funding from private investors. The investors who participated in the round are former McKinsey Partner, Tilman Ehrbeck; early investor, Colvyn Harris, advertising professional and ex-CEO JWT S Asia; angel investor Arjun Dhawan, head of HCC Infrastructure and the Dhawan Family Office as well as Dhruv Agarwala, CEO, ProperTiger.com and Makaan.com, among others.
According to founder and CEO Chandrika Pasricha, the funding will help the platform to achieve scale across India and other geographies where huge demand exists for such services. It will be used to scale its business development and marketing efforts as also continue to strengthen the product.
Flexing It is a platform that connects organisations to professionals and experts on an on-demand basis for projects, consulting assignments, advisory roles and part-time resource needs. It has built a community of over 12,000 professionals, and has over 1,000 companies using its platform.
Chandrika has been a management consultant for over 15 years, mostly at McKinsey & Co, Inc, where she worked with healthcare and pharmaceuticals clients in both India and the US. Over the last few years, she has been operating as an independent consultant with organisations in the healthcare and development domain. Her own experiences as an independent consultant led to the inception of Flexing It.
As per Internet Trends Report-2015 published by Kleiner Perkins indicated that, the freelancing and project-based work economy has huge growth potential – 34% of the US workforce is already freelancing and Forbes estimates this number to balloon to 50% by 2020. This fundamental shift in working practices is now a global phenomenon and is being shaped by technology, a greater focus on expertise and delivery, changing expectations of professionals, and also greater risks to business models that place a premium on flexibility.
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“The market for project-based, flexible work has been largely unorganised and based on personal networks – I believe curated marketplaces can play a huge role in extracting its potential,” said Tilman Ehrbeck, former McKinsey Partner, CEO, and venture investor who has invested in Flexing It™.