Mumbai, September 2021: BetterPlace, India’s largest technology platform for blue-collar workforce management, has raised $24 million in Series-C funding. The round is led by Delhi-based CX Partners and Singapore-based Jungle Ventures. This comes after the firm had raised a Series-B of $10 million in late 2020. CDC Group and Capria Ventures have also participated in this round alongside existing investors Unitus Ventures and 3one4 Capital. The company will use the fresh funds to continue to invest in technologies and products to support its exponential growth as well as aggressively pursue inorganic growth opportunities.
The blue-collar ecosystem has undergone a rapid digital transformation driven by the need for agility, transparency, and efficiency, and the pandemic has only accelerated this change. Today, most enterprises are looking for integrated solutions to solve the entire life-cycle management of workers from hiring to onboarding to benefits extension.
BetterPlace has been leading this by providing full-stack workforce management solutions to 1000+ enterprises, offering the flexibility to hire & manage employees virtually with over 200,000 onboardings monthly and over 1.5 million engaged employees.
For the blue-collar workforce, BetterPlace recently launched a mobile app that will not only help them find relevant jobs that match their skills and locations but also help address their skilling requirements on-demand.
BetterPlace will continue investing in tech to cater to the growing demand while acquiring niche solutions and leveraging its leadership position
Jayanta Basu, Managing Partner, CX Advisors LLP, said: “We work with a large number of organizations that have massive workforces and see a clear need for digitalization for speed and scale. The approach taken by BetterPlace will redefine how the entire space would look like 4-5 years from now. We are incredibly excited at the opportunity to build a better place for the blue-collar industry together.”
Anurag Srivastava, Founding Partner, Jungle Ventures, said: “The blue-collar workforce plays a vital role in India’s economy and future growth. Betterplace has created a transparent, seamless, and globally scalable platform to solve the prevailing inefficiencies in the blue-collar ecosystem. We are incredibly excited to continue to partner with the team, reflecting our commitment to providing long-term capital and value-added support for our Founders.”
Pravin Agarwala, Co-founder, CEO, BetterPlace, said: “We are here to unleash the power of tech to empower millions of workers and the enterprises that hire them. We will continue to build teams, tech, and expand geographically, and it only gets more and more exciting and fulfilling for us to be able to support the drive towards prosperity and inclusion for the blue-collar workforce.”
With the current round, BetterPlace will continue investing in tech to cater to the growing demand while acquiring niche solutions and leveraging its leadership position for faster adoption of new modules. BetterPlace aims to reach $100 million in revenue and impact the lives of more than 10 million people every day by December 2022.
Pravin also added, “We are thrilled to have established a relationship with CX, a leading growth equity investor in India, and we’re also pleased to have participation from Jungle, CDC, and Capria, all global players who are investing in our potential to expand beyond India. We are also honored to be mentioned among the ‘Forbes Asia 100 to Watch’ startups recently, which has been a testament to our efforts in transforming the blue collar ecosystem.”
BetterPlace, India’s largest tech platform for blue-collar workforce management founded in 2015 works with more than 1000 companies in India to meet the aspirations and needs of the blue-collar workforce, with the objective to organize the hiring, managing, and engaging model coupled with the vision to improve their livelihood. BetterPlace’s customers are present across blue-collar heavy industries such as Private Security, Logistics, Facility Management, IT/ITES, On-Demand Services, Retail, Construction, Logistics, and more.
BetterPlace SaaS platform enables employers to manage the entire life cycle of their blue-collar workforce by providing them services such as Hiring, Assessment of job seekers, Digital Onboarding, KYC, Training, Attendance Management, Payroll, Compliance, and more, while helping blue-collar employees get trained and up-skilled, with on-demand access to financial and healthcare services. Since its inception, BetterPlace has helped empower over 7.5 million people and aims to bring 150 million workers into the formal economy by 2022. More about BetterPlace>
About Unitus Ventures
Unitus Ventures is the leading venture fund in India that supports early-stage edtech, jobtech SME-tech and fintech start-ups with India scale and global potential. Launched in 2012, Unitus Ventures is a founding member of Capria Network, the leading global network of emerging market fund managers collaborating to deliver superior returns and scaled impact. Unitus Ventures is based in Bangalore and Seattle. More at: https://unitus.vc and http://capria.vc/network