Betterplace is a blue-collar lifecycle workforce management company that has recently raised funds worth USD 10 million in its Series-A funding round. This funding round was led by widely popular Jungle Ventures along with Venture Highway, 3One4 Capital and Unitus Ventures participating as existing investors.
The blue-collar company had raised USD 3 million in Series A funding round in May 2018 which was led by 3one4 Capital along with existing investors. So far, with a total fund amount worth USD 16 million that is raised within three financing rounds, the Bengaluru-based start-up is certainly moving on its growth charts.
When asked about their intentions towards the next step of their business growth with the infusion of the latest funds, Betterplace replied that they will use this new funding to create a better market value and enhance their presence in existing and new business verticals. The company further aims to spread its roots to the Small and Medium Enterprise (SME) business and want to diversify internationally as a blue-collar company.
The company was founded back in 2015 and within the span of these five years, it serves to provide digital employee on-boarding services that are KYC-based for secure and smooth recruitments, skill development training sessions followed by various assessments, employee background verification services, attendance management services through technology and many more.
The blue-collar company operates in two main sectors- Business-to-Business and Business-to-Consumers. The business serves to connect job seekers with hiring employers and on top of that, provides main services such as background verification, attendance management services, training the recruits and much more services in a similar domain. In B2C space, the company helps people to find jobs and even help them in small activities such as opening of bank accounts.
According to analysts, Blue-collar ecosystem all around the world is undergoing a digital transition and the on-going COVID-19 pandemic has done nothing but given this transition a boost. The company claims to have connected over 150 thousand people to their jobs digitally and aims to provide their services to over 2,500 enterprises and serve over 5 million people workforce by the end of the current financial year of 20-21, said Betterplace CEO and Co-founder, Pravin Agarwala.
Betterplace has Amazon, Swiggy, Ola, Accenture, Zomato, Flipkart, Mahindra Logistics and L&T as its primary partners which are obviously big names in the world of business.
Furthermore, start-ups such as WorkIndia, Apna.co, Avail Finance and SuperMoney amongst many others who are focusing to fund and invest in blue-collar companies have been raising impressive funds in the past months of 2020 which is obviously good news for the blue-collar workforce.