Stock Market

Quess Corp to buy stake in gig firm

Quess Corp, a business services provider, has entered into a definitive agreement to subscribe to a 49% stake in a gig economy startup, Taskmo for ₹10 crore.

The investment marks Quess’ entry in the Indian digital gig economy, which is expected to be $4 billion by 2025 and makes it the first staffing player to do so, as per the company.

Guess said it returned to growth mode during Q3FY21 and reported a net cash position of ₹26 crore from a net debt position of ₹355 crore in Q4’20. It’s gross debt reduced from ₹1,147 crore in Q4’20 to ₹521 crore, with the December ending quarter alone accounting for a reduction of ₹103 crore. In Q3, Quess Corp posted total revenues of ₹2,808 crore.

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