BetterPlace Raises $24M in funding led by Jungle Ventures, CX Partners

BetterPlace, a technology platform for blue-collar employee management, reported that it has raised $24 million in a Series C funding round led by Singapore-based Jungle Ventures and CX Partners.

The Bengaluru-based startup will use the raised funding to support its exponential expansion by continuing to invest in technologies and products, as well as aggressively explore inorganic development possibilities, the statement said.

The startup expects to have generated $100 million in revenue by December 2022 and impacted the lives of more than 10 million people every day.

BetterPlace has been at the forefront of this by providing full-stack workforce management solutions to over 1000 businesses, allowing them to hire and manage people online, with over 200,000 onboardings per month and over 1.5 million engaged workers.

The company just released a mobile app for blue-collar workers that will not only help them find relevant employment that fits their abilities and regions but will also assist them to address their skilling requirements on-demand, according to the business.

“We work with a large number of organizations that have massive workforces and see a clear need for digitalization for speed and scale. We are excited at the opportunity to build a better place for the blue-collar industry together,” Jayanta Basu, managing partner, CX Advisors LLP.

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.”

“We will continue to build teams, tech, and expand geographically,” Pravin Agarwala, Co-founder, CEO, BetterPlace.

Pravin Agarwala and Saurabh Tandon launched the Bengaluru firm in 2015. Betterplace is a SaaS platform that helps companies manage their blue-collar workforce by delivering services including hiring, job applicant assessment, digital onboarding, KYC (know your customer), training, attendance tracking, and payroll.

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