$10 million from Singapore-based jungle venture Blue-Collar Work Site Betterplace
Blue-collar employee management platform Betterplace raises $10 million in its Series B funding round.
- Betterplace is a Bangalore-based blue-collar employee management platform digitally serving more than 2 million workers across 1,000+ enterprises annually.
- The startup will use this fresh funding to scale and expand its business operation across the country.
Bangalore-based blue-collar employee management platform Betterplace (BetterPlace Safety Solutions) raises $10 million (or about Rs 73 crore) in its Series B funding round led by Singapore-based early-stage growth investment firm Jungle Ventures.
Other existing investors including Unitus Ventures, 3One4 Capital, and Venture Highway also participated in the funding round.
The startup will use this fresh funding to scale and expand its business operation across the country. Further, The startup will continue to deliver innovative products and services, build its presence in new business verticals, expand its footprint in the small-medium enterprise sector, and grow globally.
Alongside this, Betterplace will also be scaling its Hire Engage Manage digital solutions which connect 150+ million blue-collar employees with the growing hiring needs of businesses and enterprises.
In February 2016, The startup first raised $1 million (or about Rs 6.6 crore) in its Seed funding round from India’s leading early-stage venture firm Unitus Ventures.
Following, In May 2018, Betterplace had raised $3 million (or about Rs 20 crore) in its Series A funding round from 3one4 Capital, Venture Highway, and existing investor Unitus Ventures.
With this latest investment, The startup reportedly has raised $14 million(or about Rs 100 crore) in a total of three funding rounds.
Also Read: Total 1M+ Workers Lost Their Jobs, Says Betterplace Jobs Report
“The global blue-collar workforce space is expected to reach$455 billion (or about Rs 33 lakh crore) opportunity globally by 2023 and we are very excited to partner with Betterplace on this journey with them,” said Anurag Srivastava, Founding Partner at Jungle Ventures.
“We look forward to working with the team and help them to expand in India and South East Asia,” he added.
Commenting on the development, Pravin Agarwala, Co-founder CEO, Betterplace, says, “The blue-collar ecosystem is undergoing massive digital transformation and the ongoing pandemic has accelerated this adoption.”
“We are onboarding more than 150,000 people digitally every month and aim to serve 2000 enterprises/businesses and a 3 million workforce by the end of this financial year,” he added.
Last month, Betterplace released a report on job loss due to the COVID-19 pandemic. The report said that more than 1 million workers lost their job during the lockdown.
Betterplace offers an employee engagement platform, serving large corporates such as Amazon, Zomato, Flipkart, Accenture, L&T, Mahindra Logistics, Dunzo, Ecom Express, etc.
About Betterplace –Betterplace is a Bangalore-based blue-collar workforce/employee management platform founded in 2015 by Pravin Agarwala and Saurabh Tandon. Betterplace works with 1000+ companies in India to meet and fulfill the needs of the blue-collar workforce in businesses and enterprises.
Betterplace offers a SaaS (software-as-a-service) platform that enables business employers to manage the blue-collar workforce by providing them services such as Hiring, Assessment of job seekers, Digital onboarding, KYC (know your customer), Training, Attendance management, Payroll, etc.
Since its founding, Betterplace has helped empower8+ million people and aims to bring 150 million workers into the formal economy by 2025.
Source: STARTUPNEWS
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