India, March 4 -- Bengaluru-based workforce management startup BetterPlace has received approval from its shareholders to raise INR 31.9 Cr (around $3.6 Mn) from Jungle Ventures and Capria Ventures.

The startup will issue up to 10,574 Series 'D' cumulative compulsory convertible non-participating preference shares (CCCPS) at an issue price of INR 30,174 each, as per its regulatory filings accessed by Inc42.

While Jungle Ventures will pump in INR 20.69 Cr by subscribing to 6,859 CCCPS, Capria Ventures will infuse the remaining INR 11.2 Cr by subscribing to 3,715 CCCPS.

Founded by Pravin Agarwala and Uday Singh in 2015, BetterPlace started as a KYC verification company. However, the startup soon pivoted and started offering employee life...