BetterPlace, a technology platform for blue-collar workforce management, on Monday said it has raised $24 million (about Rs 177 crore) in funding, led by Delhi-based CX Partners and Singapore-based Jungle Ventures.
The Series C round also saw participation from CDC Group and Capria Ventures, alongside existing investors - Unitus Ventures and 3one4 Capital, a statement said.
The company had raised its series B funding of $10 million in late 2020, it added.
BetterPlace will use the fresh funds to continue to invest in technologies and products to support its exponential growth as well as aggressively pursue inorganic growth opportunities, it said.
BetterPlace provides full-stack workforce management solutions to over 1,000 enterprises, helping them hire and manage employees virtually with over 2 lakh onboardings monthly and over 1.5 million engaged employees.
For the blue-collar workforce, BetterPlace has recently launched a mobile app that will help them find relevant jobs that match their skills and locations as well as help address their skilling requirements on-demand.
"We are here to unleash the power of tech to empower millions of workers and the enterprises that hire them. We will continue to build teams, tech, and expand geographically, and it only gets more and more exciting and fulfilling for us to be able to support the drive towards prosperity and inclusion for the blue-collar workforce," BetterPlace co-founder and Chief Executive Officer Pravin Agarwala said.
With the current round, BetterPlace will continue investing in tech to cater to the growing demand while acquiring niche solutions and leveraging its leadership position for faster adoption of new modules, the statement said.
BetterPlace aims to reach $100 million in revenue and 10 million users by December 2022, it added.
The company currently has an annual recurring revenue of $15 million.
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