In a challenging funding scenario, HRtech software-as-a-service (SaaS) platform BetterPlace on Tuesday said it has raised $40 million as part of Series C+ fundraise from several new investors as well as existing investors Jungle Ventures and British International Investment. The platform said it clocked a five times growth in FY22 on an annual basis, and is eyeing an annual recurring revenue (ARR) in excess of $100 million in FY23.

"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," said Pravin Agarwala, Co-founder and Group CEO, BetterPlace. Over 1,100 large enterprises currently use the Cloud-based SaaS and its microservices architecture to manage over four million frontline workers monthly.

"Our next growth trajectory is about deepening our offerings and building integrated tech solutions that will empower enterprises and frontline workers alike, to unlock their growth potential," said Agarwala. BetterPlace said it will use the funds for further tech enhancements and strengthen AI capabilities that will allow it to serve the needs of the existing and new clients. The additional funds will also pave the way for further geographic expansion, said the platform.

"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.

Founded in 2015, BetterPlace manages the complete lifecycle of an enterprise's frontline workforce from one single SaaS-based HRMS platform, by providing them services such as assessment of job seekers, digital onboarding, KYC, training, attendance management, payroll, workforce fulfillment, upskilling and compliance.