Betterplace bags $10m in Series B funding from Jungle Ventures
Betterplace has raised $10 million in a Series B round led by Jungle Ventures and a total of $16 million since its inception. Existing investors, Unitus Ventures, 3One4 Capital, and Venture Highway also participated in the round.
Launched in 2015, Betterplace addresses the $30 Bn India opportunity of blue-collar workforce management, impacting over 450 Mn people. Through its data-driven, tech platform, Betterplace uniquely fulfills the requirements of both enterprises and the workforce in this fragmented and underserved ecosystem.
With this fundraise, the company will continue to deliver innovative products, build its presence in new business verticals, expand its footprint in the SME sector, and grow internationally. Betterplace will also be scaling its Hire-Engage-Manage digital solutions which connect over 150 Mn blue collar workforce with the growing hiring needs of enterprises.
Anurag Srivastava, Founding Partner at Jungle Ventures, says, “The global blue collar workforce space is expected to be a $455 Bn opportunity globally by 2023 and we are very excited to partner with Betterplace on this journey with them. We look forward to working with the team and helping them to expand in India and South East Asia”.
Pravin Agarwala, Co-founder CEO, Betterplace, says, “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.”