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OnContract.com gets funding from PE firms of Ronnie Screwvala and Vishal Gondal

Ronnie Screwvala promoted UNILAZER and
Vishal Gondal promoted FACT have jointly made an investment into online startup
OnContract.com, for an undisclosed sum. The company has made a divestment of approximate
15% of its stake to the investors. OnContract.com, earlier called as
StaffOnContract.com is a contract staffing platform.

Ronnie Screwvala promoted UNILAZER and
Vishal Gondal promoted FACT have jointly made an investment into online startup
OnContract.com, for an undisclosed sum. The company has made a divestment of approximate
15% of its stake to the investors. OnContract.com, earlier called as
StaffOnContract.com is a contract staffing platform.

OnContract.com, which was commercially
launched in April 2011, has over 5500 registered members (companies) and over
2,000 individuals (willing to work on contract basis). OnContract provides
access to over 400 categories of skills across industries to help businesses
implement their variable staffing strategies effectively.

The key business model is where Customers
(companies) ‘Give Contracts’ and Contractors (individuals) ‘Win Contracts’.
Currently the platform enables B2B and B2C collaboration with a plan to address
C2B and C2C models in the near future. This funding is expected to be largely
used for technology up gradation.

Chetan Indap, Founder and CEO, OnContract.com
said, “Our key value proposition is centered around quicker, convenient
and credible market for people on contract; across industries, roles and
levels, irrespective of location within India. Contracting in India is growing
at 20% CAGR and not too far in the future will match the levels attained by
developed countries. OnContract.com has a first mover advantage in this space
and with investors like UNILAZER and FACT backing us, we will be able to scale
it further from this solid base.”

Ronnie Screwvala is a first generation
entrepreneur, founder of UTV a diversified Media Conglomerate which he took
Public in 2005 at a Market Cap of $55 million 
and sold to Disney in 2012 for an Enterprise value of $1.4 billion,
where he continues as MD Disney UTV India.  Screwvala, promoter of Unilazer Ventures, said
“Contracting is going to be an inevitable phenomenon for the Indian businesses
and consumers. With smart Contracting, businesses will be able to achieve
Fat-Free Performance and enable conversion of fixed costs to variable.
OnContract.com’s strong value proposition and first mover advantage interested
me immensely.”

Vishal Gondal, founder of Indiagames, was
one of the pioneers of developing games on the PC and mobile platforms in
India. Indiagames was recently acquired by Walt Disney and Vishal now heads
their Gaming and Interactive division. On this investment, Vishal said
“Contracting as a way of life is going to be the future in India. Utilizing
people for short periods and for specific tasks will become the norm for both
companies and individuals. I strongly believed in the concept and the ability
of the founder to scale the venture.”

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