BetterPlace raises $24 Mn in Series C led by Jungle Ventures and CX Partners

BetterPlace, a platform for blue-collar workforce management, has raised $24 million in its Series C funding round led by Delhi-based CX Partners and Singapore-based Jungle Ventures. CDC Group and Capria Ventures have also participated in this round alongside existing investors Unitus Ventures and 3one4 Capital. 

BetterPlace had raised $10 million in its Series B funding round led by Jungle Ventures in October last year. The Bengaluru-based company will use the fresh funds to continue to invest in technologies and products.

According to the company’s regulatory filings, it has raised $9 million from Jungle Ventures, around $4 million from Catnip, $3.7 million from 3one4 Capital, $3 million from CDC Group and remaining from Unitus, Pivot ventures, Potential Ventures, Emerge Capital CX Alternative.

As per Fintrackr’s estimates, BetterPlace has raised the fresh round at Rs 670 crore or around $90 million.

Following the fresh allotment of shares, Unitus Ventures has emerged as the largest stakeholder in the company with 19.53% stake. Lead investor Jungle Ventures has now 19.19% stake in BetterPlace followed by 3one4 Capital which holds 15.14% in the company.

Pravin Agarwala and Saurabh Tandon, co-founders of the company, have 14.40% and 7.2% stake respectively.

 The six-year-old company provides KYC-based digital employee onboarding services, digitising employee records, background verification services, skill development training and assessment, and attendance management services, among others. 

Founded by Pravin Agarwala and Saurabh Tandon, the company claims to have provided full-stack workforce management solutions to more than 1000 enterprises. Betterplace claims to serve over 2 million workers across more than 1,000 enterprises annually. 

Betterplace customers are present across blue-collar heavy industries such as private security, logistics, facility management, IT/ITES, on-demand services, retail and construction. Amazon, Zomato, Flipkart, Swiggy, Ola, Dunzo, Accenture and Mahindra Logistics are among the key partners of BetterPlace.

According to the company, it has helped empower over 7.5 million people and aims to bring 150 million workers into the formal economy by 2022.

For the blue-collar workforce, BetterPlace recently launched a mobile app that helps them find relevant jobs that match their skills and locations as well as addresses their skilling requirements on-demand. 

BetterPlace aims to reach $100 million in revenue and impact the lives of more than 10 million people every day by December 2022.  

BetterPlace directly or indirectly competes with the likes of Apna, GigIndia and WorkIndia. Tiger Global-backed Apna is in talks to raise a new round that is likely to push the company’s valuation to over $1 billion. Entrackr had exclusively reported the development on September 1.

On Monday, venture capital firm Jungle Ventures raised $225 million in the first close of its fourth fund to invest in startups across Southeast Asia and India. 

Update: The story has been updated to include BetterPlace's shareholding and break up of the round.