BetterPlace, the largest full-stack workforce SaaS platform in Asia, announced the launch of its unified tech brand goBetter at its flagship event, The Next Step, held in Mumbai, in an effort to broaden and further strengthen its presence there.
BetterPlace’s goBetter unifies more than eight different tech modules into a single platform that the company hopes to introduce to international markets as a unified SaaS platform that is enhanced by generative artificial intelligence (AI) to transform frontline workforce management.
India, Southeast Asia, and the GCC account for 50% of the global workforce, but over 60% is informal. Problems have arisen throughout the value chain. Enterprise efficiency is 20-25% lower than ideal and has a labour shortage of over 20% because less than 3% of the frontline workforce is formally skilled. The fast-changing global workforce prevents companies from unlocking their full potential, limiting their growth.
To unlock this potential at scale, all enterprises must modernise and digitise their workforce operations, as less than 15% have done so. Technology and AI are needed to complete this massive task. goBetter will be enterprises’ one-stop solution for building a strong workforce. This new unified tech brand will help enterprises scale by reducing costs by 50% and increasing productivity by 100% through automation and optimisation.
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 began as a verification software in 2015 and expanded quickly to include a full range of products to serve the frontline workforce management value chain. After 7 years, BetterPlace has grown to be Asia’s largest full-stack frontline workforce management platform with the integration of 8+ product modules into one. BetterPlace intends to spend $35 million on research and development with a strong focus on further developing this tech stack.
BetterPlace, which has operations in 5 countries and has more than 30 million workers on its platform, saw a growth of 5.5X year over year in FY22, bringing in Rs. 275 crore in revenue. The company aims to achieve EBITDA profitability by September 2024.
BetterPlace, which was founded in 2015, is the largest global HCM SaaS platform in Asia and oversees every aspect of the frontline segment from beginning to end. The platform used by the business is used by over 30 million workers, and it has over 1100 clients. Being a full-stack platform solution, it addresses all of the frontline workforce’s needs from hiring to retirement, including jobs, insurance, gigs, and benefits.
BetterPlace has also introduced their B2C platform Rocket, which collaborates with businesses to upskill frontline employees for free, enabling businesses to access frontline workforces who have already received training. This will increase the number of frontline workers who are job-ready.