Refrens is presently operating on growing a enterprise working system for freelancers, which facilitates them manage their quit-to-cease business operations, right from leads, income, invoices, bills, tax reports amongst others
The employer claims to have about 25K freelancers presently from 50 countries and with businesses in 128 international locations served
Refrens ambitions to have 2 Mn freelancers on its platform by means of 2023, incomes everywhere between $20 to $50 a month
The coronavirus pandemic has hit the economy hard and companies internationally are searching at drastic cuts in hiring and spending. But one specific job market that is developing amid growing unemployment rate within the u . S . A . Is the freelance marketplace or impartial workers.
The freelancing and gig economy is here to live and it has now allowed large businesses, startups and other enterprises to hire a couple of freelancers with more than one abilities for the fee of a single worker. And with pay cuts, hiring freeze and layoffs, even talented task seekers and running specialists are actually looking at alternatives and freelance paintings to leverage their competencies and experience, whilst earning significant income from domestic.
And Bengaluru-primarily based Refrens is trying to grow to be the go-to platform for those new brigade of freelancers and at-home workers. Can the freelance economic system liberate India’s ability ability which has been so far taken up via corporate positions?
In the submit-Covid market, Refrens has witnessed 1500 freelancers come on board since the release of its market in advance closing month. And founder Naman Sarawagi believes that this demand will maintain increasing over the next few months as large groups preserve to choose faraway operations. He claims freelancing will become inevitable inside the coming years, as more and more groups are witnessing the cost blessings, alongside the ease and flexibility of outsourcing the paintings.
“The era adoption has definitely multiplied. During the initial days of lockdown, from March until May, the market became absolutely dry as there was zero or limited work occurring, and the entire focus of the united states turned into round healthcare and protection. However, in recent times, as companies have slowly began to open up, the call for for freelancers has elevated,” Sarawagi told Inc42.
According to a file with the aid of ASSOCHAM, the once a year boom charge of the gig financial system is developing at a compound annual boom price of 17%, anticipated to reach $455 Bn by using 2023. In any other look at, nearly one in five employees can be freelancers or settlement people through 2020.
Now, with Covid-19 having improved the growth of the industry multifold, freelancers are marching towards various marketplaces to discover the opportunity. Bridging the distance among freelancers and organizations, several freelance marketplaces have emerged inside the space except Refrens, which includes Fiverr, Upwork, Freelancer and Outsourcely among others.
In May 2020, Refrens raised an undisclosed quantity of funding from Firstcheque and angel traders which include Paytm chief Vijay Shekhar Sharma, Shaadi.Com founder Anupam Mittal, Gireesh Subramaniam of Freshworks, Park+ founder Amit Lakhotia, Voonik founders Sujayath Ali and Naveneetha Krishnan, Zebpay CEO Ajeet Khurana among others.
How Refrens Is Solving Payments & Taxation For Freelancers
However, freelancers nevertheless face uncertainties together with abnormal income and not being paid by using the carriers or clients. At the same time, the reliability of freelancers to execute the assignment is also underneath query.
Delving into what units Refrens apart, Sarawagi claimed that it is considered one of India’s first marketplaces for freelancers that is centered on white-collar body of workers in India. Most of the prevailing systems cater to the worldwide markets and there are very restricted Indian provider providers on those structures. Plus, bills is a massive assignment and Refrens is focussed on fixing this thru fee series and invoicing manner.
Refrens offers a unfastened web-based SaaS device that freelancers and businesses can use to manage their cease-to-give up workflow, including lead technology for new work, invoicing, payments and tax reviews among others. Likening Refrens to ecommerce platforms, Sarawagi said that in a freelancing market, as soon as the user avails the provider, it isn't always returnable, consequently the verification of the profiles becomes critical.
To make sure the credibility of the freelancers, the organisation does thorough KYC onboarding, leverages synthetic intelligence and machine mastering equipment as well as a profile that we could freelancers show off their beyond and ongoing initiatives and assist them generate leads.
For instance, if a 3rd-party organisation is availing offerings from a freelancer on Refrens, and in the event that they tend to delay the charge method, it might raise a purple flag, and necessary movement might be taken. This complements the credibility of the platform for each the service vendors and acquirers, which isn't so easy without the help of a platform like Refrens.
Tapping The Global Market for Freelancers
Refrens is currently working on growing a enterprise running gadget for freelancers, which facilitates them manage their quit-to-give up business operations, right from leads, income, invoices, payments, tax reviews among others.
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This is much like coping with a business for oneself, which is some thing that maximum freelancers never take in due to the bulky processes and documentation. Most are content material in receiving bills later and the usage of a Chartered Accountant for tax submitting, however Refrens is trying to provide them manage. SaaS merchandise that organizations use often don’t cater to independent people or freelancers. This is why a platform together with Refrens makes feel for the ones normally operating freelance.
The agency claims to have approximately 25K freelancers currently from 50 nations and with organizations in 128 international locations served. “About 7% of freelancers come from outdoor India, and we offer one of the most inexpensive ways to acquire international card bills in India for those freelancers,” claimed Sarawagi.
Freelancers are already using Refrens for dollar invoicing, Sarawagi had informed Inc42 earlier. The startup covers 37 currencies throughout one hundred nations and makes use of Cashfree as a price gateway for home transactions. For on-line payments, it prices a nominal fee of 1.65% on all debit cards or UPI transactions and a 2.Three% on credit playing cards, charge gateways and netbanking.
Going ahead, Refrens plans to add lending and credit score centers for freelancers from partnered banks and fintech agencies. This could permit them to shop for any device or equipment had to maintain their paintings. “By 2023, we are able to have about 2 Mn freelancers on our platform, earning everywhere among $20 to $50 a month, and helping them get greater clients,” the founder informed Inc42.