BetterPlace Raises $24 Mn In Series C Led By Jungle Ventures And CX Partners 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
By Prabhjeet Bhatla •
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Technology platform for blue-collar workforce management BetterPlace, on Monday, announced to have raised $24 million in Series C funding. The round was 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.
"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. 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," said Pravin Agarwala, co-founder, and chief executive officer, BetterPlace.
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.
"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," shared Jayanta Basu, managing partner, CX Advisors LLP.
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 more than 1000 enterprises, offering the flexibility to hire and 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, the company 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," added Anurag Srivastava, founding partner, Jungle Ventures.
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. The startup aims to reach $100 million in revenue and impact the lives of more than 10 million people every day by December 2022.
