The round was led by Jungle Ventures with participation from existing investors – Unitus Ventures, 3One4 Capital and Venture Highway. The funds will be utilized to scale the platform and expand business operations in India and overseas markets.
Betterplace, India’s largest tech platform delivering digital solutions for blue collar workforce management throughout the entire value chain, has raised $10 million in a Series B round led by Jungle Ventures and a total of $16 million since its inception. Existing investors, Unitus Ventures, 3One4 Capital, and Venture Highway also participated in the round.
Launched in 2015, Betterplace addresses the $30 Bn India opportunity of blue-collar workforce management, impacting over 450 Mn people. Through its data-driven, tech platform, Betterplace uniquely fulfills the requirements of both enterprises and the workforce in this fragmented and underserved ecosystem.
For enterprises, it offers a seamless end-to-end workforce management system with its inbuilt proprietary digital tools and services which provide employers a ready resource pool to hire from, completely automated onboarding with inbuilt compliance, touchless attendance management, real-time visibility in resource utilization, one-click payroll management and much more. For the workforce, Betterplace offers a rich employee engagement platform that gives access to a variety of upskilling, financial support and medical benefits program. Today Betterplace is proud to partner with enterprises such as Amazon, Zomato, Flipkart, Accenture, L&T, Mahindra Logistics, and over 2million blue-collar workforce annually.
With this fundraise, the company will continue to deliver innovative products, build its presence in new business verticals, expand its footprint in the SME sector, and grow internationally. Betterplace will also be scaling its Hire-Engage-Manage digital solutions which connect over 150 Mn blue collar workforce with the growing hiring needs of enterprises.
Joining the board of the company, Anurag Srivastava, Founding Partner at Jungle Ventures, says, “The global blue collar workforce space is expected to be $455 Bn opportunity globally by 2023 and we are very excited to partner with Betterplace on this journey with them. We look forward to working with the team and help them to expand in India and South East Asia”.
Pravin Agarwala, Co-founder CEO, Betterplace, says, “The blue collar ecosystem is undergoing massive digital transformation and the ongoing pandemic has accelerated this adoption. We are onboarding more than 150k people digitally every month and aim to serve 2000 enterprises and a 3 million workforce by the end of this financial year.”
Source: Business World