BetterPlace, a 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, it said in a release.
Following the fresh allotment of shares, Unitus Ventures has emerged as the largest stakeholder in the company with 19.53% stake. Lead investor Jungle Ventures has now 19.19% stake in BetterPlace followed by 3one4 Capital which holds 15.14% in the company. Pravin Agarwala and Saurabh Tandon, co-founders of the company, have 14.40% and 7.2% stake respectively, reported Entrackr.
Founded in 2015 by Pravin Agarwala and Uday Singh, Betterplace initially worked as a background verification company. However, the company soon pivoted and started offering employee lifecycle management services like onboarding, background verification, training, certification, along with attendance management, and employees upskilling.
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The startup also helps employees avail financial services like loans, insurance, etc, using their proprietary trust scoring. The startup claims that it has catered to 15 Mn employees across 1,000 organizations in the country. The startup at present has over 150 employees working under it. The startup lists of clients include Ola, Flipkart, Amazon, Swiggy, Dunzo, and others.
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.
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.”
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.
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