BetterPlace, a platform for human resource management for workers, raised $ 24 million in its Series C funding round led by Delhi-based CX Partners and Singapore-based Jungle Ventures. In addition to the existing investors Unitus Ventures and 3one4 Capital, the CDC Group and Capria Ventures also took part in this round.
BetterPlace had increased $ 10 million in its Series B financing round led by Jungle Ventures in October last year. With the fresh funds, the Bengaluru-based company will continue to invest in technologies and products.
As per FintrackR.BetterPlace’s estimates put the new round at Rs 670 crore, or around $ 90 million.
The six-year-old company offers, among other things, KYC-based digital employee onboarding services, digitization of employee files, background checking services, training and assessments for skills development, and attendance management services.
Founded by Pravin Agarwala and Saurabh Tandon, the company claims to have provided comprehensive workforce management solutions to more than 1,000 companies. Betterplace states that it looks after over 2 million employees in more than 1,000 companies every year.
Betterplace’s customers are in all industrial heavy industries such as private security, logistics, facility management, IT / ITES, on-demand services, retail and construction. Amazon, Zomato, Flipkart, Swiggy, Ola, Dunzo, Accenture and Mahindra Logistics are among the most important partners of BetterPlace.
According to the company, it has helped empower more than 7.5 million people and is expected to bring 150 million workers into the formal economy by 2022.
For workers, BetterPlace recently launched a mobile app to help them find relevant jobs that suit their skills, location, and skill requirements on-demand.
BetterPlace aims to have $ 100 million in revenue by December 2022 and to impact the lives of more than 10 million people every day.
BetterPlace competes directly or indirectly with companies such as Apna, GigIndia and WorkIndia. Tiger Global-backed Apna is in talks on a new round that will likely raise the company’s valuation to over $ 1 billion. Trickypedia had exclusively reported the development on September 1st.
On Monday, the venture capital firm Jungle Ventures Raised $ 225 million in the first close of his fourth fund investing in startups in Southeast Asia and India.