Times Internet buys majority stake in Taskbucks for $15 million
Taksbucks intends to use the funding to build out more ways for companies to leverage access to its 5 million strong userbase
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New Delhi: Times Internet Ltd, the digital arm of the Times of India Group, on Monday acquired a majority stake in Taskbucks, a mobile-only tasks marketplace that matches consumers with brands and enterprises. Times Internet has invested $15 million in Taskbucks.
Companies use Taskbucks to offer tasks to consumers, who are then rewarded for completing these micro-tasks via the Taskbucks marketplace. These tasks, says the company, can vary from trying new apps or engaging with existing ones to sharing content and taking surveys.
As rewards, consumers completing the tasks earn Bucks, which can be used to get free mobile-phone recharge, free postpaid bill payments, Paytm cash, etc.
Taskbucks will soon be adding crowdsourced tasks, surveys, opinion polls, offline photo tasks and many other modules that will provide more variety and options for consumers and advertisers.
Taskbucks (DigiSmart Digital Media Pvt. Ltd.) is a Gurgaon-based company founded in 2014 by Kumar Apurva, who has over 15 years of new media and start-up experience in the field of Internet and mobile. He has played a senior role in companies such as Info Edge, ValueFirst, Way2Online and Times Internet.
“We intend to use this funding to build out more ways for companies to leverage access to our 5 million strong and rapidly growing userbase. We will soon be launching Taskbucks Pro, a premium version of Taskbucks where users can perform real-world tasks for brands, to earn more. We’ll also be working closely with Times Internet to build our brand and drive growth of our mobile app,” said Apurva, chief executive of Taskbucks.
Taskbucks is currently only on Android, and has reached nearly 5 million downloads without marketing, adding over 1 million new users each month. Taskbucks is ranked among the top 50 Android apps in India, as per Google Play store rankings.
“Taskbucks is reducing friction in the connection between consumers and companies, in a way that drives value for both. As hundreds of millions of Indians get connected with smartphones, Taskbucks is one of the few services that has an immediate and clear value proposition for the consumer,” said Miten Sampat, vice president (corporate development), Times Internet. “Led by a strong, experienced team, I’m confident Taskbucks will add value to millions of Indian consumers.”
Taskbucks plans to cross 50 million downloads in the next two years, engaging millions of users with a variety of tasks they can perform to earn supplemental income ranging from Rs.10 to Rs.100.
HT Media Ltd which published Mint competes with Times Internet Ltd.