Workforce management software provider BetterPlace said on Monday it has acquired Indonesia-based blue-collar workforce fulfillment platform MyRobin, in its first expansion abroad.
While the companies declined to share the financial terms of the deal, BetterPlace founder and CEO Pravin Agarwala told ETtech in an interaction that MyRobin currently operates with annual recurring revenue (ARR) of $36 million.
BetterPlace, on the other hand, registers an ARR of $100 million, he added.
This is BetterPlace’s fifth acquisition since inception, bringing the total workforce at the company to about 1,000 inclusive of MyRobin’s staff of 150 members.
In December, BetterPlace raised $40 million as part of an extended funding round dubbed Series C, which resulted in international investor Macquarie Capital joining the captable, along with Jungle Ventures, Unitus, BII, Capria and 3one4 Capital.
Founded in 2015, it has raised about $80 million in funding so far.
The company manages over 30 million workers on its platform for over 1,100 client enterprises that include Swiggy, Accenture, Zepto, Lenovo and TenderCuts. BetterPlace helps with verification, discovery, hiring, and onboarding to upskilling, productivity management and benefits transfer.
Its past acquisitions include the combination of OLX People and Waah Jobs in October 2021, Oust Labs same month, OkayGo in May 2022 and EzeDox in June 2022.
“It was important for us that when we go into a new country, we have a solid team and customer base in place that would then give us a strong footprint and entry into the market,” Agarwala told ETtech.
The startup aims to continue growing its topline 100% year-on-year, BetterPlace wants to prioritise product integrations of all acquisitions and also growing across new geographies of Malaysia, Philippines, Thailand in Southeast Asia, he added.
There are 200 million frontline workers in Southeast Asia with a market size of as large as $280 billion, BetterPlace said in a statement, adding that it wants to replicate its India business in the new region.
Founded in 2020, MyRobin provides on-demand, pre-screened, frontline workers on a long and short-term basis to enterprises with a consolidated 3 million workers in Indonesia.
Additionally, it offers attendance, performance management services, embedded financial services like early wage and discounts on daily needs, and has its own frontline workforce upskilling platform called MyRobin Academy.
With clients such as Shopee, Astro, Sicepat, E-Fishery and Kopi Kenangan among clients, MyRobin’s investor list includes Antler and SOSV
“As the next chapter of our growth we would like to take our vision and expertise to more geographies and BetterPlace is the perfect partner who will enable us to achieve this goal. We are delighted and excited to be part of BetterPlace and aspire to become instrumental in achieving our shared goal of creating a better place for enterprises and frontline workers across the world,” Ardy Satria Hasanuddin, co-founder and chief technology officer at MyRobin said.
Source: Economic Times