BetterPlace Global, a software-as-a-service platform for managing the front line workforce, has raised $40 million in an extended Series C funding round.
Founded in 2015 by Agarwala and Uday Singh, BetterPlace initially focused on providing Know Your Customer (KYC) verification services. However, the company has since shifted its focus to employee lifecycle management, including onboarding, background checks, training, certifications, and attendance management.
The company has experienced rapid growth, with over 1,100 enterprises currently using its services to manage more than four million frontline workers each month. In the past financial year, BetterPlace recorded a revenue of INR 52.5 crore ($7.2 million) and a loss of INR 18.2 crore ($2.5 million). The company aims for an annual recurring revenue of over $100m in the next financial year.
The funding will be used to enhance products in order to support client organizations with efficiency, productivity and governance, and to expand into Indonesia, Malaysia, the Gulf Cooperation Council, and other countries.
Macquarie Capital and SITE Capital Partners joined existing investors Jungle Ventures and British International Investment in the round.
According to CEO, Agarwala the funds were raised in a convertible round and he expects the valuation to be between $500 to 700 million in the coming months. A convertible note is a short-term debt that converts into equity.