[Funding Alert] Betterplace Raises $10Mn In Series B Funding Led By Jungle Ventures
Funds will be utilized to scale the platform and expand business operations in India and overseas markets
Bengaluru-based tech platform Betterplace on Tuesday announced it has raised $10 million in a Series B round led by Jungle Ventures. Existing investors Unitus Ventures, 3One4 Capital, and Venture Highway also participated in the round.
Launched in 2015, the platform addresses the $30-billion India opportunity of blue-collar workforce management, impacting over 450 million people. Through its data-driven, the tech platform fulfills the requirements of both enterprises and the workforce in this fragmented and underserved ecosystem.
“The global blue-collar workforce space is expected to be a $455-billion opportunity 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,” says Jungle Ventures founding partner Anurag Srivastava.
With this fundraise, the company will continue to deliver innovative products, build its presence in new business verticals, expand its footprint in the SME (small and medium enterprise) sector, and grow internationally.
“The blue-collar ecosystem is undergoing massive digital transformation and the ongoing pandemic has accelerated this adoption. We are on-boarding more than 150,000 people digitally every month and aim to serve 2,000 enterprises and a 3 million workforce by the end of this financial year,” adds Betterplace co-founder and chief executive officer Pravin Agarwala.
The SaaS platform enables employers to manage the entire lifecycle of their blue-collar workforce by providing them services such as hiring, assessment of job seekers, digital on-boarding, training, attendance management, payroll, and compliance, while helping blue-collar employees get trained and up-skilled, with access to financial and healthcare services. It has partnered with enterprises such as Amazon, Zomato, Flipkart, Accenture, Mahindra Logistics, and over 2 million blue-collar workforces, annually. It has helped empower over 8 million people and aims to bring 150 million workers into the formal economy by 2025.