Quess Corp Limited approves investment in TaskMo, a digital gig worker platform

The Board of directors of Quess Corp Limited has approved the subscription of 49% equity shares in Taskmo, legal entity name - Stellarslog Technovation Private Limited, a gig economy start-up for Rs. 10 crores, to be invested in multiple tranches.

Taskmo is a B2B managed marketplace that serves as an on-demand task fulfilment platform for enterprises seeking to outsource task based operations to a distributed network of gig workers. It uses an app and web based proprietary algorithm to train, match and deploy gig workers. It earned revenues of Rs 1.61 crores, Rs 1.43 crores and Rs. 0.74 crores in FY20, FY19 and FY18 respectively.

This Investment will mark Quess' entry into the digital gig economy and enable it to serve the demand for flexible gig workers from existing and new clients.

Shares of Quess Corp Ltd was last trading in BSE at Rs.545.1 as compared to the previous close of Rs. 538.8. The total number of shares traded during the day was 45629 in over 2253 trades.

The stock hit an intraday high of Rs. 582.75 and intraday low of 522.55. The net turnover during the day was Rs. 25231638.

Source : Equity Bulls

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