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A total of $80mn will be invested in Southeast Asia and GCC regions to manage 10mn frontline workers in the next 3 years
MUMBAI, India and SINGAPORE, Oct. 13, 2023 /PRNewswire/ -- In a bid to expand and further strengthen its presence globally, BetterPlace, Asia's largest full-stack workforce SaaS platform, announced the launch of its unified tech brand goBetter at its flagship event, The Next Step, held in Mumbai. BetterPlace's goBetter combines 8+ tech modules into one single platform, which the company aims to take to the global markets as a unified SaaS platform that is optimized by Generative Artificial Intelligence (AI) to revolutionize frontline workforce management.
India, Southeast Asia, and GCC countries make up for 50% of the world's workforce but on an average more than 60% of this workforce is still informal. This has created problems across the value chain. Less than 3% of the frontline workforce is formally skilled because of which enterprise efficiency is 20-25% lower than the ideal rate and has a labor shortage of more than 20%. Moreover, with the fast changing dynamics of the global workforce, enterprises are unable to unlock the true potential of the workforce, hampering their growth capabilities. With less than 15% of enterprises having digitized their workforce operations, it has become imperative for all enterprises globally to modernize and digitize to unlock this potential at scale. This mammoth task can only be achieved with the help of technology and AI. goBetter will become that one-stop-solution for enterprises to help them in their journey to build a robust workforce. This new unified tech brand will help enterprises to reduce their costs by 50% and increase productivity by 100% through automation and optimization empowering them to scale their business.
Commenting on the launch of goBetter, Pravin Agarwala, Co-founder & Group CEO, BetterPlace said, "The fast changing workforce dynamics globally is posing to be a great challenge for enterprises. The dual impact of changing worker expectations and optimisation pressures has created a context where if the enterprise does not adapt quickly, it will fall behind, losing out on millions that could otherwise be gained through optimisation. Under these circumstances, digital transformation has become imperative for organizations to achieve scale. In the last 7 years, we have been working relentlessly to develop a tech stack to solve these complex problems of human capital management globally. With goBetter, we aim to capture the $300bn addressable market in India, Southeast Asia and GCC countries to become the go to solution for any enterprise which wants to focus on scaling its business while its workforce operations are optimized and automated. In the next three years, our aim with goBetter is to manage 10 million workers in Southeast Asia and GCC in the next 3 years to unlock the true economic potential of frontline workers and the economies which employ them."
BetterPlace started as a verification software in 2015 quickly scaling up its product stack to cater to the entire value chain of frontline workforce management. 7 years later, with 8+ product modules unified into one, BetterPlace has become Asia's largest full-stack frontline workforce management platform. With a strong focus on developing this tech-stack further BetterPlace plans to invest $35 million in R&D to strengthen its tech stack further.
With presence in 5 countries and more than 30 million workers on their platform, BetterPlace witnessed a jump of 5.5X growth year-on-year in FY22, clocking in ₹275 crore in revenue and aims to become EBITDA profitable by September 2024.
About BetterPlace
Founded in 2015, BetterPlace is Asia's largest global HCM SaaS platform that manages everything related to the frontline segment end-to-end. The company has over 30 million workers on the platform and over 1100 companies as clients. Being a full-stack platform solution, it solves for the hire to retire needs of the frontline workforce from jobs, insurance, gigs, and to benefits. BetterPlace has also launched their B2C platform Rocket which partners with enterprises to upskill frontline workers free of cost so that more frontline workers are job ready and enterprises have access to pre-trained frontline workforce.
