Venture Highway (through VH Capital), supporting next generation of Indian entrepreneurs that are innovating for the masses, today announced an investment in BetterPlace Safety Solutions, a Bangalore-based digital trust solution provider aiming to create “A Better Place For A Billion+ Indian Citizens”. Venture Highway is founded by Samir Sood, Ex-Head of Corporate Development – South Asia, Australia at Google, and is advised by Neeraj Arora, Business Head at WhatsApp.
Founded in 2015, BetterPlace has created India’s first web service that addresses the ‘trust deficit’ in any form of alliance or interaction between individuals and entities. With emphasis on building digital data to address the trust deficit, BetterPlace hopes to play its part in movement of millions of Indians from in-formal and semi- formal segments of the economy to one where the digital trust profile enables individuals to access services such as credit, health and insurance.
Commenting on the progress made by BetterPlace, Pravin Agarwala, CEO and founder said, “India is at a very interesting cross road where we are seeing massive migration across states, growth of the services sector to a point where it today employs more people than any other segment along with increased smartphone penetration thereby enabling the possibility of large scale digitization. These trends enable us to continue to build trust profiles on top of the Aadhaar platform”.
“We have been on the lookout for large opportunities that are scalable and impact the masses but do so in a financially prudent manner. After evaluating BetterPlace, we are deeply impressed with the core team, their strong technology platform and their vision to leverage the trust profiles. We believe this will bridge a much- needed gap in the safety quotient of the country and are excited to be part of the BetterPlace story.” said Venture Highway founder, Samir Sood.
Since its launch BetterPlace has created 2 lakh+ paid safety profiles of individuals with its aim to hit a million profiles in 2017. It today is helping its diverse client base and markets leaders across private security, facility management, last mile fulfillment, manpower suppliers and on demand aggregators. Reflecting on the progress made, Will Poole managing partner at Unitus commented “BetterPlace continues to make tremendous progress on its suite of products while at the same time cementing segment wise market leadership across areas that collectively employ 50 Million people in an organized manner”.
In Q1 2016, the firm announced a seed investment from Unitus, India’s most active seed fund. This was preceded in late 2015 by an angle investment by ex-Google India Products head and the man behind Google’s Map Maker, Lalitesh Katragadda who also continues to be a Board member and technology mentor.