23 May 2018, India:
BetterPlace has raised $3 million in Series A round of funding. The funding round was led by early stage venture capital firm 3one4 Capital. Existing investors Unitus Ventures and Venture Highway also participated in the funding round.
Pravin Agarwala, Co-founder and CEO, BetterPlace, said, “A significant part of the funds will be utilised to strengthen the existing ecosystem using frictionless solutions powered by artificial intelligence and machine learning.”
Pravin Agarwala added, “We are focused on addressing the $12 billion blue-collar ecosystem in the country. A significant part of the funds will be utilised to strengthen the existing ecosystem using frictionless solutions powered by AI and machine learning.”
Pranav Pai, managing partner at 3one4 Capital said, “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.”
Will Poole, cofounder and managing partner, Unitus Ventures said, “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.”
Saurabh Tandon, Co-founder and COO, BetterPlace said, “The company is currently doing an annual recurring revenue (ARR) of $4 million, with a monthly growth of 13-15 percent. It is seeing strong traction from logistics, on-demand, IT-ITES, schools, facility management, and private security verticals.”
Saurabh Tandon added, “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.”
Betterplace was founded by Pravin Agarwala and Uday Singh in 2015. It provides businesses with contractor workforce management, including onboarding, training, and background checks.
(Image – JustDial)