BetterPlace Secures Rs 31.9 Crore in Series D Funding

BetterPlace, a leading platform for managing blue-collar workforces, is set to raise Rs 31.9 crore (equivalent to $3.8 million) in its Series D funding round, spearheaded by Jungle Ventures. This latest round of funding comes more than two years after the company successfully raised $64 million in its Series C round.

The board at BetterPlace has approved the issuance of 10,574 Series D Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 30,174 each, according to a regulatory filing from the Registrar of Companies. This will enable BetterPlace to accumulate Rs 31.9 crore or approximately $2.8 million.

Jungle Ventures is projected to contribute Rs 20.7 crore towards this funding, with the remaining amount anticipated from Capria Ventures. This investment marks a segment of BetterPlace’s Series D round, from which the firm is likely to garner additional funds in the near future.

The capital raised will be allocated for routine business operations, as detailed in the filings. Startup Superb estimates suggest that BetterPlace’s valuation will be around $250 million following the new allotment, although this may alter with any subsequent investment influx.

About BetterPlace

Established in 2015, BetterPlace provides an array of services including KYC-based digital onboarding for employees, digitised management of employee records, background verification procedures, and skill enhancement training along with assessments. The firm claims to have delivered comprehensive workforce management solutions to over 1,000 organisations, including prominent names such as Amazon, Ola, Uber, Swiggy, and Zomato.

Acquisitions and Competition

BetterPlace has expanded its portfolio through the acquisition of eight companies, which include Oust Labs, AasaanJobs, OLX People, Waah Jobs, OkayGo, EzeDox, Troopers, and MyRobin. The company finds itself in competition with platforms like Apna, GigIndia, and WorkIndia, either directly or indirectly.

Financial Performance

Currently, BetterPlace has not yet submitted its annual results for FY24. However, in FY23, the company’s revenue from operations was reported at Rs 533 crore, although it faced a loss of Rs 132 crore during the same fiscal year.