BetterPlace Safety Solutions, a blue-collar workforce management firm, has raised $40 million (around Rs 340 crore) in an extended Series C funding round from Macquarie Capital and Site Capital Partners.

The funding round also saw participation from existing investors Jungle Ventures and British International Investment (BII).

As per the startup, the raised funds will be deployed to fuel growth organically, which will comprise building more technology and products as well as catering to a larger audience and spectrum of things.

The platform will also use the raised funds for further acquisitions and consolidation within Indian and Southeast Asian markets.

BetterPlace | Enterprise Platform To Manage Frontline Workforce

Founded by Pravin Agarwala and Saurabh Tandon in 2015, BetterPlace offers a software-as-a-service (SaaS) platform, helping companies manage the entire lifecycle of their blue-collar workforce by providing them services such as hiring, background verification and digital onboarding of the worker.

Through its data-driven tech platform, BetterPlace uniquely fulfils the requirements of both enterprises and the workforce in this fragmented and underserved ecosystem.

Speaking about the development, Pravin Agarwala, Co-founder of BetterPlace, said,

“We look to establish ourselves across all Southeast Asia (SEA) countries by mid-next year. The region interests us due to a similar demographic and enterprise ecosystem, especially for the frontline segment. All Asean countries, hence, will fall in the bracket where we will eye strategic investments.”

The platform helps companies ensure cost reductions, higher engagement levels, increased productivity, and lower attrition rates. For the workforce, BetterPlace gives them access to a variety of upskilling, financial support and medical benefits programs.

Besides scaling up its tech portfolio and capabilities, the SaaS platform also plans to expand its geographical footprint across Indonesia and Malaysia markets early next year. It has set aside $20 million to spend in SEA next year and plans to take it to $60-100 million in the coming years.

As per Agarwala, BetterPlace reported a 5x growth in revenue in the year ended March 2022 of about Rs 275 crore. For the current financial year, the blue-collar workforce management firm is looking for a 3x growth in revenue and earnings before interest, taxes, depreciation, and amortization-level profitability by end of 2023 and net profitability in 2024.

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