Jungle Ventures-backed BetterPlace raises $40 mn in series C funding

The firm is a SaaS platform for frontline workforce management, with a user base of 1,100 large enterprises

BetterPlace, a SaaS platform founded in 2015 for frontline workforce management, has raised $40 million in series C+ funding from existing investors Jungle Ventures and British International Investment, among others.

The funds raised will go towards technology enhancements and to strengthen the firm’s AI capabilities. In addition, capital will also be used for geographic expansion of the business.

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

Having clocked in a five-fold growth in FY22 on a year-on-year (YoY) basis, BetterPlace is eyeing an annualised revenue run rate (ARR) in excess of $100 million in FY23.

“A healthy financial performance coupled with extensive innovation and growth has enabled BetterPlace to become one of the leading players in modernizing the largely informal sector of frontline workforce management,” said Amit Anand, Founding Partner at Jungle Ventures

“As a company that was already on the pathway to hypergrowth, BetterPlace is set to achieve greater heights... 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 formalisation,” he added.

Over 1,100 large enterprises currently use the company’s cloud-based SaaS offering and its microservices architecture to manage over four million frontline workers monthly.