HRtech Startup Betterplace Ends FY20 In Loss As Gig Worker Costs Spiral

Betterplace noted revenue of INR 41.1 Cr with an expense of INR 48.8 Cr, leading to a loss of INR 7.75 Cr

The loss was due to the strategic investment Betterplace made to facilitate higher growth in the upcoming years, says CEO Pravin Agarwala

Betterplace managed to reduce its operating expenses in FY2020 by nearly 21% from INR 19.5 Cr in FY2019 due to technology intervention

The year 2020 was a tough one for blue-collar workers, who found themselves out of work. This pandemic has once again highlighted the vulnerabilities of the job market and the need for technological intervention to help gig economy workers stay afloat.

Blue-collar workforce management is one of the biggest industries in the Indian economy.  Urbanisation and deeper penetration of the internet have helped players like QuikrJobs, LinkedIn, Just Jobs, Aasaan Jobs and Google, among others to make inroads into this segment. Meanwhile, there are companies like Betterplace, which focus solely on B2B to bridge the demand…