BetterPlace Safety Solutions has raised $40 million (approximately Rs 340 crore) in an extended Series C funding round led by Macquarie Capital and Site Capital Partners, with existing investors Jungle Ventures and British International Investment also participating (BII).

The latest round brings the total funding for the software-as-a-service (SaaS) platform to $80 million, putting its valuation somewhere between $500 and 700 million.

In June, the company was in discussions with several global venture capital funds about raising $50 million in a new round of funding valued at nearly $400 million.

In addition to expanding its technology portfolio and capabilities, the company intends to enter the Indonesia and Malaysia markets early next year.

BetterPlace will also use the new funds to expand its operations in the Indian and Southeast Asian markets.

The company has set aside $20 million for SEA spending for next year, with plans to increase it to $60-100 million in the coming years.

Commenting on the round of funding, Pravin Agarwala, Co-founder and Group CEO, BetterPlace said, “The frontline workforce management market in Asia is a $400bn opportunity and we are the only full-suite horizontal SaaS for enterprises & a platform catering to this segment in the region. Our next growth trajectory is all about deepening our offerings & building integrated tech solutions that will empower enterprises and frontline workers alike, to unlock their growth potential.”

BetterPlace, founded in 2015 by Agarwala and Uday Singh, offers a software-as-a-service (SaaS) platform that helps businesses manage the entire lifecycle of their blue-collar workforce by offering services such as hiring, background verification, and digital onboarding.

Training, attendance management, payroll services, and regulatory compliance are also available. The company employs approximately 1,000 people and plans to grow by 20 per cent this year.

BetterPlace reported a fivefold increase in revenue of approximately Rs 275 crore in the fiscal year ended March 2022, according to Agarwala.

It anticipates a threefold increase in revenue for the current fiscal year, as well as profitability at the level of earnings before interest, taxes, depreciation, and amortisation by the end of 2023 and net profitability in 2024.

In September of last year, BetterPlace raised $24 million in its Series C funding round. The investment round was led by Jungle Ventures and CX Partners, both returning investors.