Tech Platform for Blue Collar Workers BetterPlace Raises $3M in Series A
3one4 Capital, Venture Highway, Unitus Ventures participated; data-driven solutions to move 450 million informal workers into India’s formal economy, in a friction-less manner
Pravin Agarwala, cofounder and CEO, BetterPlace.
BetterPlace, India’s leading technology platform for Blue Collar has raised $3 million in Series A funding from 3one4 Capital. Existing investors Unitus Ventures and Venture Highway also participated in this round. With this funding, BetterPlace will expand its solutions into Skilling, Compliance and Fintech services, in order to consolidate its position as a single platform for the semi-formal workforce in the country.
“The team at BetterPlace has focused on bringing platform-scale technologies to the full-stack of workflows in the semi-formal ecosystem. At a time when long-term investments in human resources and labour empowerment have started to yield true productivity improvements in our economy, such a value proposition can leverage real horizontal innovation advantages and contribute even more powerfully to industry across the spectrum. BetterPlace is putting the labour force at the center of a universe of innovation, and helping make organisations of all sizes more people-centric. We are excited to be joining their journey and help them scale these platform effects”, says Pranav Pai, managing partner at 3one4 Capital.
BetterPlace has helped employers hire more than 1.5 million people with the right skills and credentials. They have also helped make 1.2 Million people credit ready using their proprietary trust scoring algorithms, and are currently adding 8,000 new individuals daily.
“We are focused on addressing the $12 Billion blue collar ecosystem in the country. A significant part of the funds will be utilized to strengthen the existing ecosystem using frictionless solutions powered by AI and machine learning” said Pravin Agarwala, cofounder and CEO of BetterPlace.
Nearly 450 million Indians are working in the informal economy as security guards, drivers, plumbers, electricians, mechanics, in housekeeping, as domestic workers, construction workers and in like job roles. They are aspiring to move to formal jobs, but are unable due to the lack of data and the trust deficit that comes with the demographics.
BetterPlace has created a digital platform to enable the entire ecosystem. They provide employee lifecycle management services like Onboarding, Background Verification, Training and Certification, Attendance Management, and other related services for the employers, while helping employees get re-skilled, avail financial services like loans and insurance, using their proprietary trust scoring.
"We are currently doing an ARR of $4 Million, with a monthly growth of 13-15 percent with strong traction from Logistics, On-demand, IT-ITES, Schools, Facility Management and
Private Security verticals. Our customers like us for the transparency and scalability that our digital platform provides them" says Saurabh Tandon, cofounder and COO, BetterPlace.
If you go by the current order book and projected growth, the firm is most likely to cross $15 million in net revenue over the next 18 months.
"We are bullish about the growing informal economy in India, with the need to impact crores of people. The best way for social transformation is when people at the bottom of the pyramid can move up to the formal economy. BetterPlace has made tremendous progress since our last round, and we want to continue to be part of this success story" says Will Poole, cofounder and managing partner, Unitus Ventures.
Around The World