Workforce management software provider BetterPlace has raised USD 40 million (about Rs 330 crore) from a clutch of investors, the company said on Tuesday.
Existing investors Jungle Ventures and British International Investment participated in the round. BetterPlace Co-founder and Group CEO Pravin Agarwala said that the company will use the fund for product development, upskilling individuals and overseas expansion. The company has raised fresh funds at a five-time higher valuation in the range of USD 500-700 million, Agarwala said.
“Most of the USD 40 million fund raised came from new investors. This is a convertible (notes) round which is between USD 500-700 million. That gives us five times growth from a valuation point of view,” he said. Founded in 2015, BetterPlace claims to have clocked a five times growth in the financial year 2022 on a year-over-year basis and expects to close the current fiscal with annual recurring revenue of over USD 100 million.
Agarwala said that the company will use part of the fund to expand business in Indonesia and Malaysia to start with and then foray into the MENA (Middle East and North Africa) region. “We will launch operations in Indonesia by mid-January, and Malaysia by February end. Most of the work is already done. By mid-2023, we will be entering Thailand, the Philippines and MENA,” he said. The company plans to increase the current workforce from 1,000 to 1,300 by the end of 2023, Agarwala said.
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