Exclusive: Betterplace Bags $12 Mn From Jungle Ventures

Betterplace Bags $12 Mn Via Convertible Note From Jungle Ventures

SUMMARY

The funding comes on the heels of Betterplace acquiring EzeDox, a cloud-based no-code business process automation platform

Betterplace had raised $24 Mn in its Series C round led by CX Partners, Jungle Ventures, and CDC Group in September 2021

To date the startup has raised around $50 Mn in multiple round of fundings

Blue collar workforce management startup Betterplace is raising $12 Mn (INR 96 Cr) from its existing investor Singapore-based Jungle Ventures.

The startup late last month in an extraordinary general meeting passed a resolution to raise $12 Mn through allotting convertible notes in two tranches. As per the regulatory filing, the startup intends to utilise the fresh capital infusion for expansion and meeting general corporate purpose.

The new development has come two months after Betterplace announced acquisition of EzeDox– a cloud-based no-code business process automation platform– for an undisclosed amount.

The fresh capital raise has come almost a year after Betterplace had raised $24 Mn in its Series C round. Inc42 had then exclusively reported the startup’s raising the funding from CX Partners, Jungle Partners, CDC Group, Capria Ventures, 3one4 Capital, along with Unitus Ventures.

Founded in 2015 by Pravin Agarwala and Uday Singh, Betterplace started as a KYC verification company. However, the startup soon pivoted and started offering employee lifecycle management services including onboarding, background verification, training, certification, along with attendance management, and employees upskilling.

Betterplace currently boasts of working with 1,500 companies. The startup has also been working on its D2C-based product – Rocket – which claims to provide a pre-verified and pre-skilled pool of frontline workforce. Through its platform play, BetterPlace also offers flexible and contractual staffing solutions to its clients via its Workforce Fulfillment business vertical – BetterPlace Select.

The startup with its various offerings competes with several startups in this space. It competes against the likes of Apna, Gigforce, Spayee when it comes to offering blue-collared labor workforce; whereas it locks its horns with Zoho, Greythr, ZingHR, Freshworks when it comes to HRMS offerings.

Betterplace has been on an acquisition spree after raising its Series C round of funding. The startup has since then acquired four startups – OkayGo, Olx People and Waah Jobs, and Oust Labs.

If we talk about financials, Betterplace Safety Solutions, which operates Betterplace, had incurred a loss of INR 18.1 Cr in FY21. During this period of time, the startup posted a total revenue of INR 52.4 Cr, whereas its expenses rose to INR 68.8 Cr.