HR-tech platform BetterPlace saw its revenue drop to Rs 78.5 crore in FY23 from the previous year’s Rs 96.8 crore. While the expenses for the fiscal year ending March stood at Rs 197.7 crores, it saw a loss of Rs 119.1 crore. Over Rs 60 crores of its total revenue came in from operations. Of the total expenses incurred in FY23, it spent over Rs 80 crore on employee benefits and over Rs 10 crore on legal and professional charges. BetterPlace is yet to disclose its valuation.
In FY22 the Bengaluru-based company saw a revenue of Rs 96.8 crore while expenses stood at Rs 183.5 and losses at Rs 86.6 crore. The company incurred over Rs 90 crore in revenue from operations and spent close to Rs 60 crore and over Rs 20 crore as employee benefits and cost of material.
Founded in 2015 by Pravin Agarwala and Saurabh Tandon BetterPlace is a platform aiming at delivering digital solutions for blue-collar workforce management throughout the entire value chain. It fulfills the requirements of both enterprises and the workforce in the ecosystem. Since inception, the company has catered to over 15 million employees across 1,000+ organizations.
It has raised a total of Rs 725.5 crores in 9 funding rounds. Its latest round, Series C, was held on December 2022 and saw support from the likes of Jungle Ventures, British International Investment, Macquarie Capital, and Site Capital Partners among others.
Post the round, Jungle Ventures became the largest shareholder in the company, Co-founders Pravin Kumar Agarawala and Saurabh Tondon hold over 10% and close to 7% of the company shares.
BetterPlace started its acquisition journey in 2020 with FABULYST. Since then, it has made 8 acquisitions with TOOPERS being its latest acquired company.
It competes against companies like Apna, Meraqui, Smartstaff, and Workindia.