BetterPlace launches unified tech brand; commits $35M in R&D
BetterPlace has committed a $35 million investment towards research and development to strengthen its tech stack.
Frontline workforce management platform has launched a unified tech brand goBetter, integrating over eight tech modules into a single platform to drive its global expansion efforts.
The Bengaluru-headquartered firm has also committed a $35 million investment towards research and development to strengthen its tech stack.
BetterPlace aims to introduce the Generative Artificial Intelligence-optimised goBetter as a unified SaaS platform on a global scale.
“With goBetter, we aim to capture the $300 billion addressable market in India, Southeast Asia and GCC countries to become the go-to solution for any enterprise which wants to focus on scaling its business while its workforce operations are optimised and automated,” Pravin Agarwala, Co-founder and Group CEO of BetterPlace, said.
India, Southeast Asia (SEA), and the Gulf Cooperation Council (GCC) countries, constituting 50% of the global workforce, have over 60% of this workforce in informal employment, according to BetterPlace. It claims that goBetter will help enterprises reduce their costs by 50% and increase productivity by 100% through automation and optimisation.
Agarwala noted that the firm aims to manage 10 million frontline workers across SEA and GCC within the next three years. To achieve this, the company plans to invest $80 million in these regions.
Earlier, Agarwala had told YourStory that the firm is looking at a couple of more acquisitions in certain product areas in India and outside as well, and it is doubling down on its investment in R&D for future growth.
Founded in 2015, BetterPlace caters to the entire value chain of frontline workforce management, from verification, discovery, hiring, and onboarding to upskilling, productivity management and benefits transfer. BetterPlace, currently operating in five countries and serving a network of over 30 million workers, has been actively expanding its presence.
In July, BetterPlace partnered with AMY TECH DMCC to enhance its market presence in the GCC region, following its entry into the UAE market in May through a partnership with EvomatiQ Business Solutions.
Earlier in the year, BetterPlace made strategic acquisitions, including Malaysia-based flexi talent solutions technology player TROOPERS and Indonesia-based blue-collar staffing platform MyRobin, to solidify its position in the SEA market.
The company has also joined forces with Microsoft to enhance employee experience of frontline workers across the Asia-Pacific region.
In December, the firm raised $40 million as part of its extended Series C round, which resulted in international investor Macquarie Capital joining the captable, along with Jungle Ventures, Unitus, BII, Capria and 3one4 Capital. It has raised a total funding of $91 million over eight rounds, as per Tracxn.
BetterPlace clocked a revenue of Rs 275 crore in FY22, a 5.5X increase on a year-on-year basis. For FY23, BetterPlace is looking for a 3X growth in revenue, and EBITDA-level profitability by the end of 2023 and net profitability in 2024, as per the company.