- Round led by Jungle Ventures, with participation from existing investors Unitus Ventures, 3One4 Capital and Venture Highway
- Funds will be utilized to scale up the team, technology and business operations in India and overseas
- Betterplace is solving workforce management problem digitally for over 1,000 companies and 15 million blue collar job seekers
Betterplace, India’s largest tech platform for blue collar workforce management, has raised $10 million in Series B round led by Jungle Ventures. Existing investors — 3One4 Capital, Unitus Ventures and Venture Highway also participated in the round. With this round, Betterplace has raised a total of $16 million till date.
Joining the board of the company, Anurag Srivastava, Founding Partner at Jungle Ventures, says,
“Betterplace has identified a unique opportunity to enable employees and employers both. With the ongoing pandemic, there is already a need for faster digital adoption for better efficiency and managing the distributed workforce. India alone has 450 million blue collar workforce.
Their platform-centric approach to onboard and manage the workforce digitally is one of the most relevant and comprehensive systems that we have seen, and we are very excited to go on this journey with them. At Jungle Ventures, we see our role as enablers of building lasting businesses through smart capital.”
Will Poole, Managing Partner, Unitus Ventures said, “When we invested in Betterplace in 2016, we saw the potential of the unorganized Indian blue collar workforce to evolve quickly to address India’s rapidly scaling business challenges. In 2020, reports of soaring demands for a skilled workforce to support the pandemic recovery validate for our prediction and confirm the vital role Betterplace plays in supporting India’s largest mass employers.
Pravin Agarwala, Co-founder CEO, Betterplace, says, “The blue-collar ecosystem is adapting to the new era and its our responsibility to help them obtain a faster digital transformation. Our customers love our productivity solutions and it’s now the right time to expand geographically. We are very excited to have Jungle onboard as a partner. We will certainly leverage their experience in expanding to Southeast Asia besides setting up an everlasting business growth engine.”
Betterplace growth, advantage & traction
Betterplace’s goal is to help enterprises grow faster and help the blue collar workforce get the right opportunities. Betterplace has built a SaaS platform for enterprises to hire, manage and engage a highly distributed blue collar workforce. More than 1000 enterprise customers are using the platform to manage their workforce at scale and speed. Betterplace also helps to bring the overall cost down by at least 20% by providing a ready resource pool to hire from, completely automated onboarding with inbuilt compliance, touchless attendance management with the smartest rostering and productivity tools like attrition forecasting, persona building and much more.
A large part of the funds raised will be used to drive innovations & build on the tech platform for the digital transformation that ensures scale, speed and productivity for our customers. At the same time, the Company will continue to build its presence in new allied business verticals and expand into new markets. The market is large and growing rapidly; Betterplace aims to continue to grow its leadership position.
The jobseekers in the blue collar sectors struggle to find the right opportunities. Betterplace with its unique profile builder, targeted upskilling and the experience centres help thousands of people find the right opportunities daily. The company has onboarded more than 8 million people in the last few months and is growing at 20% month on month.
Market Size and Demand
Blue collar workforce employers in sectors like ride-hailing, delivery, utility & facilities management have been using the Betterplace platform to onboard, manage & engage their workforce. However, this pandemic has amplified the need for a completely digital platform. With the country out of lockdown & the upcoming Diwali festival, companies are looking to onboard workers fast without driving up the associated costs.
Betterplace has taken on this challenge head-on and delivers tangible results to its customer base by enabling them to adopt digital transformation at scale.
The company is planning to enter the Philippines and Vietnam this year as part of its international foray.
Betterplace, India’s largest tech platform for blue-collar workforce management founded in 2015 works with more than 1000 companies in India to meet the aspirations and needs of the blue-collar workforce, with the objective to organise the hiring, managing and engaging model coupled with the vision to improve their livelihood. Betterplace customers are present across blue-collar heavy industries such as Private Security, Logistics, Facility Management, IT/ITES, On-Demand Services, Retail, Construction and more.
Betterplace SaaS platform enables employers to manage the entire life cycle of their blue-collar workforce by providing them services such as Hiring, Assessment of job seekers, Digital Onboarding, KYC, Training, Attendance Management, Payroll, Compliance and more, while helping blue collar employees get trained and up-skilled, with access to financial and healthcare services. Since its inception, Betterplace has helped empower over 7.5 million people and aims to bring 150 million workers into the formal economy by 2022. More about Betterplace >
About Unitus Ventures
Unitus Ventures is the leading venture fund in India that supports early-stage fintech, healthcare, and jobtech startups with India scale and global potential. Launched in 2012, Unitus Ventures is a founding member of Capria Network, the leading global network of emerging market fund managers collaborating to deliver superior returns and scaled impact. Unitus Ventures is based in Bangalore and Seattle. More about: https://unitus.vc and http://capria.vc/network