Advantage Club, an Indian HR Tech startup specializing in employee engagement and financial wellness, has raised nearly $5M in Pre-Series A funding from Y Combinator, Jetty Ventures, Earlsfield Capital, SMC Advisors, Kunal Shah, and others.
The Gurugram-based startup plans to use this money to expand its operations globally and further invest in AI and machine learning to develop its product offerings.
The company said it raised $3.3M from Jetty Ventures, Earlsfield Capital, SMC Advisors, etc. It comes as an addition to the $1.7M it raised from Y Combinator, Broom Ventures, Liquid2 Ventures, Kunal Shah, and others earlier this August.
Founded in 2014 by UCLA graduates Sourabh Deorah and Smiti Deorah, Advantage Club is a mobile-first employee reward, recognition, and benefits platform. The AI-powered platform aims at evolving into a single global platform for employee engagement and financial wellness in SEA and MENA markets. They already have operations in 70 countries globally, ranging from India, the United Kingdom, Vietnam, the United States, Indonesia, the United Arab Emirates, Egypt to the Philippines.
Smiti Deorah, COO and Co-Founder, said, "As we are nearing the end of the pandemic, the long term impact we have observed over these testing times is that the value of digitisation has increased significantly. With work from home becoming increasingly normal, cross border collaboration within companies has increased and the requirement of employee engagement has become truly global. We will continue solving this problem by building global products catering to HR teams across the world, driving higher retention and productivity."
Sourabh Deorah, CEO and Co-Founder, said, “The latest influx of funds will help us bolster our presence internationally and help us hire the right talent to manage our operations globally.” On his LinkedIn account, Sourabh shared, "With this capital we are geared to move closer to our vision of a single employee engagement and experience platform across the globe. A big thank you to our customers, team members and investors for being part of the journey."
The HR Tech startup recently stated plans to increase their personnel from 70 to 170 by the end of the year. The company also claims to be growing at a rate of 20% MoM.
According to their website, the current products they offer include Rewards & Recognition, Early Wage Advantage, Sales Contests & Automated Incentives, Advantage Club Card, Communities, and Perks.
Advantage Club has over 370 clients across 70 countries globally, with big players like EY, Concentrix, Target, Teleperformance, and Reliance being a part of the roster. They also have over 10,000 brand partners, including Amazon, Walmart, 7-Eleven, Flipkart, and Zomato.
According to Fortune Business Insights, the global HR Tech market is projected to grow from $24.04B in 2021 to $35.68B in 2028 at a CAGR of 5.8%. It will be interesting to see how Sourabh and Smiti can propel Advantage Club to grab a chunk of this growing market.