Betterplace scoops up $10 Mn Series B round led by Jungle Ventures

Blue collar workforce management platform BetterPlace has raised $10 million in its Series B funding round led by Jungle Ventures. Existing investors including Unitus Ventures, 3One4 Capital, and Venture Highway also participated. 

So far, the Bengaluru-based company has accumulated around $16 million in total capital across three financing rounds. In May 2018, it had raised a $3 million in Series A round from 3one4 Capital and others. 

With the fresh infusion, Betterplace will ramp up its presence in new business verticals, expand its footprint in the SME sector, and grow internationally, said the company in a statement.

The five-year-old company 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. 

Betterplace operates in both B2B and B2C space. Under B2B model, it connects job seekers with employers and also does background verification, attendance management, training among others. In the consumer segment, workers can find gigs and help them in opening bank accounts.

According to its website, Betterplace has empowered 7.5 million blue-collared workers. Founded by Pravin Agarwala and Saurabh Tandon, the company has 700 paying customers. 

“The blue collar ecosystem is undergoing massive digital transformation and the ongoing pandemic has accelerated this adoption. We are onboarding more than 150k people digitally every month and aim to serve 2000 enterprises and a 3 million workforce by the end of this financial year,” said Agarwala, Co-founder CEO, Betterplace.

Betterplace claims to have served over 2 million workers across more than 1000 enterprises annually. Amazon, Zomato, Flipkart, Swiggy, Ola, Dunzo, Accenture, L&T and Mahindra Logistics are among the key partners of BetterPlace.

Around half a dozen startups including Avail Finance, WorkIndia, Apna.co and SuperMoney which are focusing on providing loans to the blue-collar workforce have raised funds in 2020.