We’re happy to share that BetterPlace, a leading employee lifecycle management platform for enterprises, closed $40 million as part of its ongoing Series C+ round from Macquarie Capital, SITE Capital Partners, Jungle Ventures, and British International Investment.
BetterPlace has been leading the rapid digital transformation of the blue and grey-collar category in India. The platform delivers agility, transparency, and efficiency to enterprise employers through its full-stack workforce management solution. The company counts 1000+ enterprises as clients that use the platform to manage 4 million employees on a monthly basis.
With this round, the firm plans to enhance its capabilities and drive consolidation within the Indian and Southeast Asian markets. BetterPlace is targeting a 5x growth of its client base and a 50 million monthly user base by the end of FY25.
Founded in 2015, BetterPlace started as a verification platform and now offers end-to-end management solutions for the blue and grey-collar workforce. 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 fulfilment, upskilling, and compliance. 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 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”, said Pravin Agarwala, Co-founder and Group CEO, BetterPlace.
Their competitive moat is an increasing-returns business model that leverages network effects on top of proprietary data sourced at scale. With a horizontal approach to rapidly formalising every blue-collar intensive industry segment, BetterPlace is deepening the core competencies of their clients’ businesses and is now established as a clear platform of choice for enterprises with large blue and grey-collar workforces.
3one4 Capital is proud to have partnered with BetterPlace since leading its Series A round and is delighted to continue working with the team as they scale to new strengths and adjacencies. We are confident that BetterPlace will help the ecosystem harness India’s biggest asset - its talent pool - and drive GDP expansion meaningfully.