Bangalore-based a digital background verification startup, BetterPlace, has raised about $1Mn (INR 6.6 Cr) from Unitus Seed Fund.
BetterPlace was started in 2015 by a former global head at SAP, Pravin Agarwala, and Group CEO of SIS, Uday Singh. The startup carries out background verifications for new hires, with a focus on the blue-collar workers in the logistics and hyperlocal services space.
From verifying the credentials of a potential tenant, hiring a maid, to fulfilling the workforce requirements of large organisations, BetterPlace aims to provide suitable safe living resolutions for all safety concerns through its web-based service and mobile applications.
The startup will utilise the amount for developing analytics as a layer on the data as well as the geographical expansion of the company to cities, to track antecedents.
Pravin Agarwala, co-founder of BetterPlace said, “Our major revenue stream is the on-demand sector which uses our solution for hiring blue-collar workers. Going ahead, there is a larger opportunity in orders for individual checks, finance institutions and others.”
How Does It Work?
The platform offers multi-point verification across digital and offline channels from a combination of sources including Aadhaar (digital ID) information, a relevant digital footprint of an individual, traditional background checks as well as crowdsourcing from social media. Continuous monitoring is enabled by a trust-based system which learns from feedback provided across touch points and location data analytics.
- When hiring somebody, a user needs to search by name, mobile number or a valid id and the hirer can view a profile that enables a decision to be made about the potential hire.
- The platform also allows for users to create base profiles which are then verified by BetterPlace
- BetterPlace has launched its product line through HireSafe, PartnerSafe and TrainSafe
Various startups like TimeSaverz, Roadrunnr, Housejoy, Commonfloor, Practo, Homigo, Zimmber, Portea, Grabhouse, G4S, CMS Info Systems have partnered with BetterPlace to provide services like stringent identification checks, antecedent/address verification and criminal/court record checks.
In an earlier statement, Pravin said that around 22%-25% people furnish fake credentials, which has led the companies to make informed decisions by checking the credentials before hiring. It is estimated that this industry is worth $1.5 Bn of which white collar verification services take the majority share. However, the increasing urbanization and digitization there is a massive influx of blue collared and semi-skilled professionals entering the market in an organized manner. As demand for verification of these new segment picks up, the market size will scale exponentially.”
Prior to this, BetterPlace has raised funding from Lalitesh Katragadda, an ex-Google India head, in November 2015.
As far as both India and the world are concerned, there has been a steady rise in the number of companies and apps offering safety-related services as a package. Some of the major players include KPMG, Securitas, Veri Facts, HireSafe, BeenVerified, People Spy, Janta Khoj, Onicra, Matrix India and IBC India among others.
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