Hiring platform Betterplace bags $10m in Jungle Ventures-led series B round
Betterplace , an India-based platform for blue-collar workforce management, announced that it has raised US$10 million in a series B funding round led by Singapore-based Jungle Ventures, bringing its total capital raised to date to US$16 million.
Betterplace co-founders (from left): Saurabh Tandon and Pravin Agarwala /Photo credit: Betterplace
Existing investors Unitus Ventures, 3one4 Capital, and Venture Highway also participated in the round.
Founded in 2015 Betterplace offers companies an end-to-end workforce management system that provides services such as assessment of job seekers, hiring, digital onboarding, training, attendance management, and payroll, among others.
It also offers an employee engagement platform that gives access to upskilling, financial support, and healthcare services.
The company said in a statement that it aims to address the “fragmented and underserved” blue-collar workforce management ecosystem in India, which is worth US$30 billion and impacts over 450 million people, according to research conducted by Betterplace.
With the capital injection, the company will develop its products, build its presence in new business verticals, expand its footprint in the small and medium-sized enteprises sector, and grow internationally. It will also be scaling its Hire-Engage-Manage digital solutions platform, which has over 150 million job seekers.
Betterplace currently works with more than 1000 companies, including Amazon, Zomato, Flipkart, Accenture, and Mahindra Logistics. It onboards more than 150000 people every month and aims to serve 2000 enterprises and 3 million members of the workforce by the end of this financial year, said Betterplace co-founder and CEO Pravin Agarwala. In 2016 the company raised US$970000 in a seed round from Unitus Seed Fund, followed by US$3 million in series A money from 3one4 Capital.
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