Update: BetterPlace raises $40 Mn in extended Series C round

Update: BetterPlace on Tuesday announced that it has raised $40 million as part of Series C+ fundraise. The fresh infusion of funds sees participation from new and existing investors including Jungle Ventures and British International Investment. The company has now raised $64 million in total in Series C financing.

Original story follows:

BetterPlace, a platform for blue-collar workforce management, has raised $12.5 million via issue of convertible notes from MC Software Investments Holdings. The Bengaluru-based company has already raised $20.4 million from Jungle Ventures this year.

The board at BetterPlace has passed a special resolution to issue convertible notes to MC Software Investments Holdings to raise Rs 105 crore or $12.5 million, as per the company’s regulatory filings with the Registrar of Companies (RoC).

BetterPlace will use these funds for working capital, expansion capital, and other general corporate purposes, the company added in filings. The company has raised around $37 million to date via equity and was valued at around $90 million following its Series C round in September 2021.

Founded in 2015, BetterPlace provides KYC-based digital employee onboarding services, digitizing employee records, background verification services, skill development training and assessment, and attendance management services, among others. As per its website, the company has provided full-stack workforce management solutions to more than 1,000 enterprises including Amazon, Ola, Uber, Swiggy, Zomato, et al and currently serves over 100 locations.

While BetterPlace is yet to file its financials for FY22, it generated revenue from operations of Rs 50.8 crore in FY21 along with a loss of Rs 18.2 crore, its annual financial statement with the RoC shows.

As of now, BetterPlace has acquired six companies: Oust Labs, AasaanJobs, OLX People, Waah Jobs, OkayGo, and EzeDox. It directly or indirectly competes with the likes of Apna, GigIndia, and WorkIndia.

B2B e-commerce platform Udaan is on top in terms of raising money via convertible notes and debts. The Lightspeed-backed firm has raised over $350 million in convertible notes in 2022 so far.  As per Fintrackr’s data, more than a dozen growth stage startups have raised money through this facility. The list includes LEAD, Rebel Foods, Dunzo, ReshaMandi, Byju’s, Reevoy, Perfios, HomeLane, Epigamia, Ather Energy, and Mobikwik.