BetterPlace acquires additional funding as part of its Series C investment

• ByStartupStory     |    December 20, 2022

BetterPlace, a workforce management solutions provider for blue- and gray-collar workers based in Bengaluru, has raised additional funds in an extension of its Series C fundraising round, bringing the startup’s total funding to $40 million.

Jungle Ventures, a returning investor, and British International Investment, a new investor and development finance organization, both participated in the new tranche.

The company raised $24 million in a Series C investment led by CX Partners and Jungle Ventures in September 2021. Betterplace will use the funds to improve its technology and boost its AI skills, as well as to expand geographically.

According to Pravin Agarwala, co-founder and CEO of BetterPlace, the firm plans to start in Indonesia by mid-January 2023, followed by other Southeast Asian geographies such as Malaysia, the Philippines, Thailand, and South Korea. By the end of next year, the company plans to enter the GCC market.

“We will be potentially taking an inorganic path for expansion into Southeast Asia with the acquisition of local entities that have a customer base and product. We will bring in our product to enhance the value for existing customers of the company,” said Pravin. 

He also stated that the acquisitions will be a mix of cash and equity in order to attract local entrepreneurs ready to expand the product in new geographies.

“We announced earlier this year that we will invest $20 million in Southeast Asia expansion. “Earlier this year, we announced a $20 million investment in Southeast Asia expansion. We think this is going to go up to $60 million to $100 million for the next three years across organic and inorganic growth,” he added.

BetterPlace, founded in 2015 by Pravin Agarwala and Saurabh Tandan, acquired four companies in India to extend its product portfolio, including EzeDox, OKayGo, OUST Labs, and OLX People.

BetterPlace claims to have over 1,100 clients using its SaaS platform for frontline staff management. Employee lifecycle features offered by the HRMS platform include digital onboarding, KYC, training, attendance management, payroll, workforce fulfilment, upskilling, and compliance.

Follow Startup Story