BetterPlace Safety Solutions Pvt Ltd, a technology platform for blue-collar workforce management, on Tuesday said it has raised $24 million in its Series C funding round.
The investment round was led by returning investor Jungle Ventures and CX Partners.
CDC Group and Capria Ventures have also participated in this round alongside existing investors Unitus Ventures and 3one4 Capital.
The company said it will use the fresh funds to continue to invest in technologies and products to support its growth as well as aggressively pursue inorganic growth opportunities.
“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,” Pravin Agarwala, co-founder and CEO, BetterPlace, said.
He added, “BetterPlace aims to reach $100 million in revenue and impact the lives of more than 10 million people every day by December 2022.”
BetterPlace was founded in 2015 by Pravin Agarwala and Uday Singh.
Its software-as-a-service (SaaS) platform helps companies to manage the entire lifecycle of their blue-collar workforce by providing them services such as hiring, background verification and digital onboarding of the worker.
It also offers training, attendance management, payroll services and compliance services.
The startup says it has partnered with companies such as Amazon, Zomato, Flipkart, Accenture, L&T and Mahindra Logistics.
BetterPlace had previously raised $10 million (Rs 74 crore) in its Series B funding round led by Jungle Ventures
The Bengaluru-based company raised $3 million in a Series A round of funding led by 3one4 Capital in 2018.
A few other players in the blue-collar segment have also raised funding this year.
Insight Partners and Tiger Global led $70 million in a Series B funding round in Apna, a professional network for grey- and blue-collar workers.