SaaS start-up BetterPlace raises $40 mn; aims to touch ARR of $100 mn in FY23
The company shared that the funds will be utilised for tech enhancements as well as for strengthening the artificial intelligence capabilities.
- Dec 20, 2022,
- Updated Dec 20, 2022 6:51 PM IST
Software as a Service (SaaS) platform for frontline workforce management, BetterPlace, has raised $40 million as part of its extended Series C round of funding. The fundraise round saw participation from new investors, including the likes of Macquarie Capital and SITE Capital Partners.
The round also saw participation from existing investors such as Jungle Ventures and British International Investment. The company shared that the funds will be utilised for tech enhancements as well as for strengthening the artificial intelligence capabilities. This will enable BetterPlace to serve its customers better as well as expand to other geographies as well.
Commenting on this move, BetterPlace’s co-founder and Group CEO Pravin Agarwala said that they are catering to a segment which provides a $400 billion opportunity in the Asian market. “Our next growth trajectory is all about deepening our offerings and building integrated tech solutions that will empower enterprises and frontline workers alike, to unlock their growth potential,” he said.
The Bengaluru-based company was started in 2015 by Agarwala and Uday Singh as a verification management platform but is gradually evolving to become a complete frontline workforce management solutions provider. Currently, it has 1100 companies as its clients.
Amit Anand, Founding Partner at Jungle Ventures, pointed to the company’s healthy financial performance as well as the milestones it is touching in terms of growth of innovation.
“As a company which was already on the pathway to hypergrowth, BetterPlace is set to achieve greater heights and we are all excited to be part of this growth journey. We have no doubt that this company will continue to be at the forefront of innovation in this sector by enabling rapid growth of the economy through formalization,” he said.
According to market intelligence platform, Tracxn, BetterPlace has raised $53.7 million before this fundraise. The company also shared that BetterPlace clocked 5x growth in FY22 and is eyeing an annual recurring revenue of over $100 million in FY23.
Software as a Service (SaaS) platform for frontline workforce management, BetterPlace, has raised $40 million as part of its extended Series C round of funding. The fundraise round saw participation from new investors, including the likes of Macquarie Capital and SITE Capital Partners.
The round also saw participation from existing investors such as Jungle Ventures and British International Investment. The company shared that the funds will be utilised for tech enhancements as well as for strengthening the artificial intelligence capabilities. This will enable BetterPlace to serve its customers better as well as expand to other geographies as well.
Commenting on this move, BetterPlace’s co-founder and Group CEO Pravin Agarwala said that they are catering to a segment which provides a $400 billion opportunity in the Asian market. “Our next growth trajectory is all about deepening our offerings and building integrated tech solutions that will empower enterprises and frontline workers alike, to unlock their growth potential,” he said.
The Bengaluru-based company was started in 2015 by Agarwala and Uday Singh as a verification management platform but is gradually evolving to become a complete frontline workforce management solutions provider. Currently, it has 1100 companies as its clients.
Amit Anand, Founding Partner at Jungle Ventures, pointed to the company’s healthy financial performance as well as the milestones it is touching in terms of growth of innovation.
“As a company which was already on the pathway to hypergrowth, BetterPlace is set to achieve greater heights and we are all excited to be part of this growth journey. We have no doubt that this company will continue to be at the forefront of innovation in this sector by enabling rapid growth of the economy through formalization,” he said.
According to market intelligence platform, Tracxn, BetterPlace has raised $53.7 million before this fundraise. The company also shared that BetterPlace clocked 5x growth in FY22 and is eyeing an annual recurring revenue of over $100 million in FY23.