BetterPlace has received approval from its shareholders to raise INR 31.9 Cr (around $3.6 Mn) from Jungle Ventures and Capria Ventures
The startup will issue up to 10,574 Series ‘D’ cumulative compulsory convertible non-participating preference shares (CCCPS) at an issue price of INR 30,174 each
While Jungle Ventures will pump in INR 20.69 Cr by subscribing to 6,859 CCCPS, Capria Ventures will infuse the remaining INR 11.2 Cr by subscribing to 3,715 CCCPS
Bengaluru-based workforce management startup BetterPlace
has received approval from its shareholders to raise INR 31.9 Cr (around $3.6 Mn) from Jungle Ventures and Capria Ventures.
The startup will issue up to 10,574 Series ‘D’ cumulative compulsory convertible non-participating preference shares (CCCPS) at an issue price of INR 30,174 each, as per its regulatory filings accessed by Inc42.
While Jungle Ventures will pump in INR 20.69 Cr by subscribing to 6,859 CCCPS, Capria Ventures will infuse the remaining INR 11.2 Cr by subscribing to 3,715 CCCPS.
Founded by Pravin Agarwala and Uday Singh in 2015, 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, attendance management, and employee upskilling.
According to the company’s website, it works with 1,500 companies across APAC, India and GCC regions.
It also claims to have achieved a milestone of $1.5 Bn in employee payroll, facilitating more than 300 Mn minutes of training and seamlessly handling background verifications for over 20 Mn individuals through its platform.
BetterPlace has also been on an acquisition spree. It has bought eight companies, including Oust Labs, AasaanJobs, OLX People, Waah Jobs, OkayGo, EzeDox, Troopers and MyRobin till date.
The company last raised $12 Mn (INR 96 Cr) from Jungle Ventures in August 2022. To date, it has raised a total funding of over $90.09 Mn.
The startup competes against the likes of Keka, Smartstaff, Meraqui, DarwinBox and TeamLease in the workforce management and staffing solutions segment.
Its counterpart Smartstaff has raised a cumulative funding of over $10.50 Mn to date.
According to a report by the global workforce management market is projected to reach between $9.3 Bn by 2025 growing at a CAGR of 9.3% during the forecast period.
The expansion in this market in the future is also reinforced by the fact that there is an increasing adoption of hybrid jobs in the country which will boost further adoption of workplace management enterprise in the country.
As per a report by Xpheno, about 20% of total job postings in the country in 2024 comprised hybrid and remote roles, up from 0.9% in 2020. The IT and technology sector is leading in adopting the hybrid and remote working mode of working.
