Human resource-cum-fintech platform for blue-collar workforce BetterPlace has raised $3 million in a Series-A funding round from 3one4 Capital, and existing investors Venture Highway and Unitus Ventures.
With the latest fund infusion, the Bengaluru-based startup plans to add new solutions to its portfolio of services and expand into new verticals by leveraging AI and machine learning.
Earlier, in 2016, the company had raised $1 million in a seed funding round led by Unitus Ventures.
Founded in 2015, BetterPlace provides services such as KYC-based digital employee onboarding services, digitising employee records, background verification services, skill development training and assessment, and attendance management services, among others.
So far, the startup has helped employers hire more than 1.5 million people with the right skills and credentials. It also claims to make 1.2 million people credit ready using their proprietary trust scoring algorithms and are currently adding 8,000 new individuals daily.
BetterPlace is clocking an annual recurring revenue (ARR) of $4 million, with monthly growth rates of 13-15 per cent with strong traction from Logistics, On-demand, IT-ITES, Schools, Facility Management and private security verticals.
According to Pravin Agarwala, co-founder and chief executive officer of BetterPlace, the company is targeting $15 million in net revenue over the next 18 months.
Apart from the aforementioned investors, BetterPlace had raised an undisclosed amount of funding from former Google India executive Lalitesh Katrgadda in November 2015.
3one4 Capital is an early-stage venture capital firm backed by former Infosys CFO TV Mohandas Pai. Based out of Bengaluru, the VC firm invests in startups primarily focused on enterprise automation, drone technologies, edtech, fintech, media and multi-lingual content generation, and high-margin niche retail.
Some of the notable bets by 3one4 Capital includes YourStory, Online Tyari, Tripoto, Licious, Faircent, Wigzo, Tracxn, and several others.
The development was reported by ET.