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Frontline workforce management company BetterPlace has raised $40 million as part of Series C+ fundraise from Jungle Ventures, British International Investment and others.
Pravin Agarwala, Co-founder and Group CEO of BetterPlace, told businessline that this round of funding was structured as a convertible note and, hence, the company’s valuation could be $500-700 million. A convertible note is a type of short-term debt that changes into equity, usually during the next funding round.
Founded in 2015, BetterPlace aims to bridge the demand-supply gap in the blue-collar economy. Over 1,100 large enterprises currently use BetterPlace to manage 4 million frontline workers monthly, according to the company’s data.
BetterPlace clocked revenue of ₹275 crore in FY22, which was 5X on a year-on-year basis. BetterPlace next eyes an annual revenue runrate (ARR) above $100 million in FY23.
On the funding round, Agarwala said, “The frontline workforce management market in Asia is a $400-billion opportunity and we are the only full-suite horizontal SaaS [software-as-a-service] for enterprises and a platform catering to this segment in the region. Our next growth trajectory is all about deepening our offerings and building integrated tech solutions that empower enterprises and frontline workers alike, to unlock their growth potential.”
He said the company wants to expand to newer markets like Southeast Asia and West Asia, beginning with countries like Indonesia and Malaysia. The fund infusion will also be used for tech enhancements and AI capabilities. The platform also wants to enable partners to create their own upskilling content.
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. As a company that was already on the pathway to hypergrowth, BetterPlace is set to achieve greater heights and we are all excited to be part of this growth journey. We have no doubt that this company will continue to be at the forefront of innovation in this sector by enabling rapid growth of the economy through formalisation.”
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