Indian HRTech BetterPlace Secures $3.8M Funding, Eyes Further Funding

Pravin Agarwala, BetterPlace Co-Founder & CEO

BetterPlace, a blue-collar workforce management platform, is raising Rs 31.9 crore ($3.8 million) in its Series D round led by Jungle Ventures. This funding comes over two years after its $64 million Series C round.

The board at BetterPlace has passed a resolution to issue 10,574 Series D CCPS at an issue price of Rs 30,174 each to raise Rs 31.9 crore or $2.8 million, its regulatory filing sourced from the Registrar of Companies shows.

Jungle Ventures will invest Rs 20.7 crore, while the remaining amount will come from Capria Ventures. This investment is part of BetterPlace's ongoing Series D round, with the firm expected to raise additional funds.

The funds will be used for general business operations, as per filings. According to Entrackr estimates, BetterPlace will be valued at approximately $250 million post-allotment, subject to change if further investments are secured.

Founded in 2015, BetterPlace offers KYC-based digital employee onboarding, digitized employee records, background verification, skill development training and assessment. According to its website, the firm has provided full-stack workforce management solutions to over 1,000 enterprises, including Amazon, Ola, Uber, Swiggy, and Zomato.

BetterPlace has acquired eight companies, including Oust Labs, AasaanJobs, OLX People, Waah Jobs, OkayGo, EzeDox, Troopers, and MyRobin. It competes directly or indirectly with platforms like Apna, GigIndia, and WorkIndia.

The company has yet to file its FY24 annual results. In FY23, its revenue from operations stood at Rs 533 crore, while BetterPlace reported a loss of Rs 132 crore during the same period.

Source: Entrackr