BetterPlace Raises $10M

BetterPlace, a Bengaluru-based lifecycle management startup for the blue-collar workforce, is looking to raise the funds from Junglee Ventures, Unitus Ventures, VH Capital and 3one4 CapitalBetter.

BetterPlace initially worked as a background verification company. However, the company soon realised the need for an enabler to bridge the existing demand and supply gap in the ecosystem. BetterPlace then created a digital platform to enable the entire ecosystem. They now provide employee lifecycle management services like onboarding, background verification, training, and certification, as well as attendance management, while helping employees get re-skilled. 

According to filings with the Ministry of Corporate Affairs (MCA) accessed by Inc42, the company is issuing 91,009 Series B Cumulative Compulsorily Convertible Preference Shares (CCCPS) at a face value of INR 100 per share and an issue price of INR 8,107 per share, aggregating to a total amount of INR 73,78,09,963 to a clutch of entities.  The company is issuing 40,488 shares to Junglee Ventures III Investment Holding; 27,194 shares to Unitus Seed Fund India II; and 12,688 shares to 3one4 Continuum I. The remaining shares have been allotted to VH Capital and two other funds of 3one4 Capital. 

Announcement: HRtech Startup BetterPlace To Raise INR 73 Cr