BetterPlace Global, a SaaS (software as a service) platform for frontline workforce management, plans to invest nearly $80 million over the next five years to expand its presence in Southeast Asia, its co-founder and group CEO said. Vin Agarwala.
The company plans to invest $50 million in its expansion in Southeast Asian countries and another $30 million in the Gulf Cooperation Council countries.
The company operates in India, Saudi Arabia, Singapore, Malaysia and Indonesia and will soon expand to the Philippines.
- BetterPlace acquires Indonesia’s MyRobin to expand into Southeast Asia
“In two markets in Southeast Asia, we have taken an organic approach by acquiring MyRobin and Troopers. They are complementary businesses to us and allow us to enter these markets,” he said.
The company plans to use the investment for product innovation, team building and network building.
The company also hopes to double down on investments in research and development for future growth in India and abroad, Pravin added.
“For us, 5x is a fair return assumption. For every dollar we invest on a regular basis, we hope to earn $5,” he noted.
BetterPlace grew 5.5 times year-on-year to Rs 2.75 billion in FY22. In this fiscal year, BetterPlace expects revenue to triple. The company aims to achieve earnings before interest, tax, depreciation and amortization (Ebitda) level profitability by 2023 and net profit in 2024.
BetterPlace recently expanded into financial services with the launch of BetterPlace Money. The company aims to provide credit to more than 10 million frontline workers around the world through extensive partnerships with non-bank financial institutions.
BetterPlace Money is jointly launched by BetterPlace and Bueno Finance.
“In addition to a comprehensive suite of workforce management products, BetterPlace also includes products that provide benefits to frontline workers, including insurance, skills and mobility solutions for gig workers. However, BetterPlace quickly realized that many frontline workers in India often face There is a liquidity crunch, which is hampering their financial health. BetterPlace Money was launched to solve this problem,” said Pravin, co-founder.
He added: “Through this strategy, BetterPlace partners with companies with deep expertise in specific areas, acquiring their technology stacks, teams and capabilities to provide these services to a broad range of businesses on the BetterPlace platform.”