BetterPlace, a SaaS platform for workforce management, said on Tuesday that it has raised $40 million as part of an extended Series C round from several new investors as well as existing investors Jungle Ventures and British International Investment.
The company had raised $24 million as part of the first tranche of its Series C led by Singapore’s Jungle Ventures and Delhi’s CX Partners in September 2021, when it was valued at around $90 million. In 2020, it had raised $10 million in a Series B funding round led by Jungle Ventures.
The latest round brings the company’s total fundraising to around $80 million, pegging its valuation between $500-700 million, according to media reports.
BetterPlace counts investors like 3one4 Capital, Capria Ventures, and Unitus Ventures in its captable.
The fund infusion will be utilised for further tech enhancements and to strengthen AI capabilities that will allow BetterPlace to serve the needs of existing and new clients. The additional funds will also pave the way for further geographic expansion, the company said.
Founded in 2015, BetterPlace started as a verification platform and now claims to be a complete ecosystem for workforce management. With over 1,100 companies using the BetterPlace platform, it manages the complete lifecycle of an enterprise’s frontline workforce from one single SaaS-based HRMS platform, by providing them services such as assessment of job seekers, digital onboarding, KYC, training, attendance management, payroll, workforce fulfillment, upskilling, and compliance.
“The frontline workforce management market in Asia is a $400 billion opportunity and we are the only full-suite horizontal SaaS for enterprises and a platform catering to this segment in the region. Our next growth trajectory is all about deepening our offerings; and building integrated tech solutions that will empower enterprises and frontline workers alike, to unlock their growth potential.” Pravin Agarwala, Co-founder and Group CEO, BetterPlace said.
Having clocked a 5X growth in revenue in FY22 on a YoY basis, BetterPlace is eyeing an annual recurring revenue (ARR) of more than $100 million in FY23, the firm said in a statement.