According to reports, workforce management software provider BetterPlace has raised $40 million over adaptable records in an ongoing funding round.

New investors like Macquarie Capital and SITE Capital Partners took part and pervaded funds as a part of the latest tranche, as per reports.

The company’s existing investors, including Jungle Ventures and British International Investment, have also participated in the ongoing round.

BetterPlace says, “It would use the funds to enhance its technology platform and add task management and fintech capabilities to its offerings. It is also expected to utilize the capital for inorganic acquisitions as well as geographic expansion.”

Pravin Agarwala, cofounder and group chief executive officer, BetterPlace says, “BetterPlace is looking to expand into the Southeast Asian markets of Indonesia, Malaysia, Philippines and Thailand next year. The company expects to increase its global footprint to six countries by the end of 2023.”

Founded in 2015, BetterPlace delivers a horizontal software platform to enterprises and small businesses, assisting them manage their blue and grey-collared workforce. It accomplishes the complete lifecycle of workforce management, right from assessment services of job seekers to digital onboarding, upskilling and compliance.

Agarwala says, “We wanted to rise only as much as we could digest for growth over the next 2-3 years. The reason we chose convertible notes is that we didn’t want to dilute too much.”

“The problem is that these (blue or grey-collared) individuals are deprived of credit since there isn’t much data on them. We, on the other hand, have the data and want to leverage those sets to provide credit to this under-served market. BetterPlace might also enter the targets-based savings product next year,” adds Agarwala.