Fintech Startup Betterplace Acquired Buenofinance
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Fintech Startup Betterplace Acquired Buenofinance

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According to a person acquainted with the situation, in the midst of a funding crisis, the fintech startup BetterPlace has merged with Bueno Finance.

In 2019, Bueno was established by Saurav Gandhi and Sandeep Arora to offer loans to blue-collar workers. The Gurugram-based firm raised roughly $3 million from Goat Capital, JAM Fund, Olive Tree Capital, Good Water Capital, and angel investors including Kunal Shah and Anupam Mittal as part of American start-up accelerator Y-Combinator’s Winter 2021 cohort. 

On the other side, Pravin Agarwala and Uday Singh created BetterPlace, a blue-collar workforce management business, in 2015. A total of around $80 million in equity has been raised by the Bengaluru-based company from investors including Macquarie Capital, Site Capital Partners, Jungle Ventures, and British International Investment, among others.

Both Bueno Finance and BetterPlace serve the blue-collar labour in the same market niche and count food delivery services like Swiggy and Zomato among their clients.

BetterPlace has been trying to get into the lending business after Bueno Finance was unable to get funding. The transaction as a result, the person told Mint.

After receiving numerous calls and a WhatsApp message asking for his thoughts on the deal, Gandhi stated that he was unable to reply.

BetterPlace did not respond to an email until the time this report was filed.

Sandeep Arora, another co-founder of Bueno’s, left the company last year “following a disagreement with Saurav Gandhi and investor Goat Capital”, according to sources cited by VCCircle last year.

Since the past two years, BetterPlace has been on an acquisition binge. In addition to OLX People, AasaanJobs, Oust Labs, Waah Jobs, OkayGo, and EzeDox, it has purchased a number of startups. The company entered the South East Asia market this year with two back-to-back acquisitions, including Troopers, a Malaysian company that specialises in flexi talent solutions, and MyRobin, an Indonesian company.