[Funding alert] BetterPlace raises $24M in Series C led by Jungle Ventures and CX Partners
, a Bengaluru-based technology platform for blue-collar workforce management, has raised $24 million in Series C funding. The round is led by Delhi-based CX Partners and Singapore-based Jungle Ventures.
This comes after the firm had raised a Series B funding 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.
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.
Pravin Agarwala, Co-founder and CEO, BetterPlace, said,
“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."
Pravin Agarwala, Co-founder and CEO, BetterPlace
BetterPlace is providing full-stack workforce management solutions to 1,000+ 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, the company 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.
“We work with a large number of organisations that have massive workforces and see a clear need for digitalisation 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,” added Jayanta Basu, Managing Partner, CX Advisors LLP.
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 firm aims to reach $100 million in revenue and impact the lives of more than 10 million people every day by December 2022.
“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,” stated Anurag Srivastava, Founding Partner, Jungle Ventures.