We Are Revolutionizing Construction Workforce Management By Building Unique Digital Employment Ecosystem For Informal Wage Workers In India: Bettamint CEORealty & More | October 31, 2023
Bettamint, a construction technology start-up is revolutionizing construction workforce management by building the first-ever digital employment ecosystem for informal wage workers in India. Founder and CEO of Bettamint, Kezya De Bragança is an entrepreneur and business leader with nearly two decades of experience in construction and real estate development across India. In an exclusive chat with ‘Realty & More’, Kezya shares her vision of the industry.
Q. Could you provide more details on how the application assists these workers in maximizing their earning potential and enhancing their skill sets, all while creating a verified history of their professional experience?
A. Bettamint offers workers consistent, reliable income opportunities with trusted employers, while helping them build a verifiable record of their professional experience. Our worker onboarding process has various layers of authentication ensuring we keep the platform high quality. Informal workers benefit from perks usually synonymous with full time employment including training certifications, skill development, healthcare, rewards, and performance incentives.
Q. What specific challenges did Bettamint encounter when navigating the labyrinth of a vast pool of construction workers, and how did the platform address these issues?
A. Firstly, ensuring the quality and integrity of the data we gather, particularly as user activity increases. Secondly, addressing the complexity of managing digital identities in an environment where devices, like cell phones, may be shared among family members, phone numbers change often and verifiable records of existing skills do not exist. This necessitated unique authentication protocols. Additionally, we prioritized stringent cybersecurity and data protection measures to safeguard both enterprise and worker data while continuing to deliver value to our users and clients.
Q. How does Bettamint streamline payments for daily-wage workers in construction? Are there integrated tools or solutions to ensure workers receive accurate and timely compensation?
A. Our payment infrastructure ‘BettaPay’ simplifies payments and incentives for workers who aren’t on formal payrolls. It harnesses vital data like worker identification, banking information, daily wage and attendance to automate payments, freeing clients up from tedious manual tasks. At the tap of a button an entire workforce can be paid without the need to collect beneficiary information or make complex payroll calculations. Our upcoming solutions will address working capital challenges faced by smaller contractors; ensuring timely worker compensation. This will speed up productivity, and worker engagement, ultimately boosting retention at construction sites.
Q. Do you think that the challenges from international economic factors and the reduced demand for housing in Western countries could affect the Indian real estate sector, including the hiring of daily wage construction workers?
A. The international economic landscape may marginally impact investment in India’s real estate sector, but internal factors hold more sway. The sector is poised for tremendous growth however from a workforce perspective the industry struggles more with diminishing appeal due to risky conditions, payment issues, and competition from technology and gig platforms offering better pay and job security. This internal workforce shift, rather than global economic trends, disrupts construction productivity. Incentivizing, formalizing, and enhancing the industry’s attractiveness is crucial for stability.
Q. What are your future expansion plans outside Karnataka and India?
A. Bettamint’s initial focus on a market like India is strategic, allowing us to refine our platform in a familiar yet large, complex and dynamic market. Our solution is inherently scalable and is designed to require minimal adaptation, making seamless expansion into newer markets quick and economical. As we partner with pan India construction companies we will organically permeate newer territories in the country. We’re also actively researching varying construction ecosystems, regulatory landscapes, and market needs in regions like UAE, Southeast Asia, and beyond. Adapting to these diverse ecosystems and forging strong partnerships with local industry leaders will be crucial. The vast potential in these emerging markets, combined with our platform’s versatility, presents enormous opportunities for growth and meaningful impact.
Q. In your view, what actions do you think the government and private sector should take to find an equilibrium between the financial welfare of daily wage laborers?
A. To safeguard the financial welfare of daily wage workers, the government has established several welfare and policy measures, but the transient nature of the workforce creates a connectivity gap between public and private sectors, making benefit distribution challenging. Limited awareness and convenient access to these measures remain challenges for wage workers, placing the financial burden on the private sector and emphasising the need for technology driven solutions. By linking worker records with government databases, an efficient, trusted channel could be established for the distribution of these welfare funds. Bettamint is uniquely positioned to bridge this gap through its advanced infrastructure and outreach as the need arises.
Q. What goals have you set for client acquisition within the construction industry and expanding your database of construction workers?
A. We’re collaborating with leading construction companies who together engage over a million workers and have nurtured long held networks of several hundred thousand labour contractors. They are our co-creators in this journey. Our technology is anchored in their collective experience so that together we can meaningfully shape the industry’s future. It is our joint commitment to elevate standards in quality, productivity, and professionalism industry-wide while uplifting the hands that shape our built environment. As we expand upon these transformative partnerships, we organically enrich our platform with high quality talent, solidifying our footprint in the construction sector.