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India, Southeast Asia and the GCC countries account for 50% of the world’s workforce but only 10% of the world’s GDP. This is mainly because 80% of these workers work in the informal sector. This is creating problems throughout the value chain. Less than 3% of the field workforce has formal skills. As a result, companies are 20-25% less efficient than their ideal rates and are understaffed by more than 20%. Additionally, midsize companies spend, on average, nearly $3 million each month just to hire the right people for the job. This problem is what his goBetter product stack at BetterPlace aims to solve.
goBetter is an integrated end-to-end frontline workforce management technology stack optimized through GenAI. goBetter provides contract labor management (vendor management and compliance), core HRMS (recruitment ATS, onboarding, verification, time and attendance, rostering, payroll), and upskilling for the largest and most complex field workforces. We provide product solutions to solve your problems. These modules manage and optimize the entire frontline employee lifecycle.
“This stack has the potential to reduce workforce management costs for companies by more than 50% and increase productivity by 100%. This will have a significant trickle-down effect on the overall economy. With these cuts, companies can: “Use that money to expand their businesses, leading to more workers and employment opportunities.” Second, most processes will be optimized, allowing the gap between front-line workforce demand and supply to be bridged more quickly. GenAI significantly improves the skills-demand gap by automatically creating skill content that supports employees’ upskilling and career paths,” said Pravin, co-founder and group CEO, BetterPlace. Agarwala said.
The startup claims to have benefited more than 30 million frontline workers so far through its technology stack. “We have unlocked access to credit to over 4 million frontline workers. Frontline workers using our platform earn 27% more than minimum wage. Companies earn over 70% have recorded productivity improvements and reported cost savings of approximately 25%.” Agarwala.
The Series C+-funded startup stands out from the crowd by ensuring cognitive and geographic diversity within its team. “As we have spent the past few years strengthening our market position through acquisitions and integrations, we have brought together teams with expertise across a variety of industries including BFSI, e-commerce, Big Tech, and SaaS to help us learn from each other. “We incorporate best practices and innovations from a variety of industries, and with operations in India, Singapore, Malaysia, Indonesia, and the United Arab Emirates, we are always up to speed on innovations happening globally. We have a front-line team,” he added.
The company aims to be EBITDA profitable by the end of 2024, and its growth plans for the next two years are integration, penetration and innovation. We also aim to deepen our penetration into the Southeast Asian and GCC markets and expand to more countries in the region. “We are already present in Indonesia, Singapore, Malaysia and the UAE. Over the next two years, we aim to expand to Thailand, the Philippines, Vietnam and the Kingdom of Saudi Arabia,” Agarwala said.
fact sheet
- Year of establishment: 2015
- Number of employees: 900+
- Revenue for FY 2022-23: Rs 552.57 crore (as of March 2023)
- External funding received to date: $81.7 million
- Major customers: Reliance Jio, Aditya Birla Capital, Tata Steel, JLL, CBRE, Hindalco, Amazon, Flipkart, OLA, Accenture, Securitas, Iffco Tokio, Myntra, Zepto, Swiggy, Big Basket, etc.
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