Update: After Inc42’s exclusive story on the funding round was published, Betterplace announced raising $24 Mn in Series C round led by Delhi-based CX Partners and Singapore-based Jungle Ventures. CDC Group and Capria Ventures, 3One4 Capital along with Unitus Ventures also participated in the round. The startup will use the fresh funds to continue to invest in technologies and products to support its growth pursue inorganic growth opportunities.
Our original story as follows:
Blue collar workforce management platform Betterplace Safety Solution which runs Betterplace is raising INR 180 Cr (approx $25 Mn) in a fresh round of funding. As per the regulatory filings accessed by Inc42, the Bengaluru-based startup is allotting a total of 1,57,808 Series C Cumulative Compulsory Convertible Non-Participating Preference Shares at an issue price of INR 11,411.
The Series C round will be led by its existing investor Singapore-based Jungle Ventures. 3one4 Capital will be handing over the second biggest cheque worth INR 24.4 Cr in exchange for 21,449 Series C CCPS. CDC Group, Pivot Ventures, Capria Fund, Catnip Private Limited, Potential Ventures, Unitus Ventures among others are also participating in this round.
The startup earlier in 2020 raised its Series B round worth $10 Mn led by Jungle Ventures along with participation from its existing investors Unitus Venture, 3one4 Capital and Venture Highway.
Back then Inc42 was the first one to report that Betterplace was allotting 91,009 Series B Cumulative Compulsorily Convertible Preference Shares (CCPS) at a face value of INR 100 per share and an issue price of INR 8,107 per share, aggregating to a total amount of INR 73,78,09,963 to a clutch of entities.
Founded in 2015 by Pravin Agarwala and Uday Singh, Betterplace initially worked as a background verification company. However, the company soon pivoted and started offering employee lifecycle management services like onboarding, background verification, training, certification, along with attendance management, and employees upskilling.
The startup also helps employees avail financial services like loans, insurance, etc, using their proprietary trust scoring. The startup claims that it has catered to 15 Mn employees across 1,000 organisations in the country. The startup at present has over 150 employees working under it. The startup lists of clients include Ola, Flipkart, Amazon, Swiggy, Dunzo, and others.
The startup pits against the likes of Apna, JustRojgar and Spayee and is serving the growing blue-collar workforce in the country. As per a pan India report by Betterplace, Indian companies are likely to create 7 Mn blue-collar jobs by the end of this financial year. The report highlighted that the demand for blue-collar workforce surpassed pre-covid level for the first time in the last 15 months.
Update Note: September 13, 7:00 PM
Betterplace has confirmed raising $24 Mn and the story has been updated to reflect the same