Main Highlights
- Betterplace, a digital platform for blue-collar labor-management located in Bengaluru, has secured $24 million in Series C investment
- The new funds will be used to continue investing in technology and products to support the company’s exponential expansion
- By December 2022, BetterPlace hopes to have generated $100 million in revenue and impacted the lives of more than 10 million individuals on a daily basis
- With over 200,000 onboardings each month and over 1.5 million engaged workers, BetterPlace provides full-stack workforce management solutions to 1,000+ companies, allowing them to hire and manage people remotely
Betterplace, a digital platform for blue-collar labor-management located in Bengaluru, has secured $24 million in Series C investment. CX Partners in Delhi and Jungle Ventures in Singapore led the investment. This comes after the company secured $10 million in Series B investment in late 2020. This round was also attended by CDC Group and Capria Ventures, in addition to previous investors Unitus Ventures and 3one4 Capital.
How will Betterplace utilize the funds?
The new funds will be used to continue investing in technology and products to support the company’s exponential expansion, as well as to aggressively explore inorganic growth possibilities. With this round, BetterPlace will continue to invest in technology to meet rising demand, while also acquiring specialist solutions and utilizing its leading position to accelerate the adoption of new modules.
By December 2022, BetterPlace hopes to have generated $100 million in revenue and impacted the lives of more than 10 million individuals on a daily basis.
“We are here to unleash the power of technology to empower millions of employees and the companies that hire them,” said Pravin Agarwala, Co-founder, and CEO of BetterPlace. He went on to say that they would continue to grow teams, technology, and geographically expand and that it is becoming increasingly exciting and satisfying for them to be able to assist the push for prosperity and inclusion for the blue-collar workers.
Benefits of using BetterPlace
With over 200,000 onboardings each month and over 1.5 million engaged workers, BetterPlace provides full-stack workforce management solutions to 1,000+ companies, allowing them to hire and manage people remotely. Betterplace, India’s most popular blue-collar brand, puts technology to work for the next billion people. They create goods that provide people with access – to employment, money, health, and therefore a better life – either directly or indirectly through enterprises that employ a significant number of such people.
The company recently launched a mobile app for the blue-collar workforce that will not only help them find relevant jobs that match their skills and locations but will also help them address their skilling requirements on-demand.
BetterPlace is a single touchpoint for enterprises to benefit from by managing their entire value chain – ensuring cost savings, higher engagement levels, increased productivity, and lower attrition rates. BetterPlace is an employee engagement platform for the workforce that provides access to a range of upskilling, financial support, and medical benefits programs.
Since its beginning in 2015, the Company has served 15 million workers from 1,000+ organizations throughout India. BetterPlace’s value offering across the Hire-Manage-Engage lifecycle supports the company’s ambition of being the go-to digital platform for India’s entire blue-collar, contractual, and off-roll ecosystem.
“We deal with a wide number of organizations with huge workforces and see a clear need for digitization for speed and scale,” Jayanta Basu, Managing Partner, CX Advisors LLP, noted. He went on to say that BetterPlace’s strategy would redefine how the entire space will look 4-5 years from now and that they are ecstatic about the chance.
“India’s blue-collar workforce is critical to the country’s economy and future prosperity. Betterplace has built a transparent, frictionless, and internationally scalable platform to address inefficiencies in the blue-collar ecosystem,” said Anurag Srivastava, Founding Partner at Jungle Ventures. He went on to say that they are very thrilled to continue working with the team, reflecting on their commitment to delivering long-term funding and value-added assistance to its founders.
