BetterPlace, an HRtech SaaS platform for frontline workforce management, has raised $40 million in an extended Series C round from new investors Macquarie Capital and SITE Capital Partners.
Existing investors Jungle Ventures and British International Investment also participated in the round.
BetterPlace raised $24 million as part of the first tranche of its Series C from Jungle Ventures, CX Partners, CDC Group, Capria Ventures, 3one4 Capital, and Unitus Ventures in September 2021.
Founded in 2015, BetterPlace manages the complete lifecycle of an enterprise’s frontline workforce from one single SaaS-based HRMS platform, by providing them services such as assessment of job seekers, digital onboarding, KYC, training, attendance management, payroll, workforce fulfillment, upskilling, and compliance. The company said over 1,100 enterprises currently its services to manage over 4 million frontline workers monthly.
Pravin Agarwala, Co-founder & Group CEO, BetterPlace, said,
The frontline workforce management market in Asia is a $400 billion opportunity and we are the only full-suite horizontal SaaS for enterprises and a platform catering to this segment in the region. Our next growth trajectory is about deepening our offerings and building integrated tech solutions that will empower enterprises and frontline workers alike, to unlock their growth potential.
The Bengaluru-based firm said it will use the funds for further tech enhancements and strengthen AI capabilities that will allow it to serve the needs of existing and new clients. The company also plans to use the funds for further geographical expansion.
Amit Anand, Founding Partner at Jungle Ventures, said,
Healthy financial performance coupled with extensive innovation and growth has enabled BetterPlace to become one of the leading players in modernising the largely informal sector of frontline workforce management.
BetterPlace claimed it clocked a growth of over five times in FY22 on an annual basis and is eyeing an ARR (Annual Recurring Revenue) of over $100 million in FY23.
With the latest round, BetterPlace has raised a total of around $80 million, including the $10 million Series B it raised in 2020. According to the company, the funds were raised in a convertible round and it expects the valuation to be between $500 to $700 million in the coming months.
