Employee Perks & Rewards Platform Advantage Club Secures $1Million from growX Ventures & others
Gurugram, August 28, 2019: Advantage Club, India’s largest employee perks and rewards platform has today announced the company’s $1 Million pre-series A investment led by growX Ventures, with participation from Axilor Ventures, Sprout Venture Partners, angel investors including Avtar Singh Monga, Mumbai Angels, Rahul Maroli, Rajnish Sinha, Rohit Chanana, Vikas Bagaria and existing investors.
Manu Rikhye, Partner at growX Ventures said “Organizations of all sizes and scale face the challenge of improving employee engagement and retention. Simultaneously, brands are looking for ways of engaging directly with their consumers and understanding their behavior and preferences. Advantage Club is well-positioned to address both these needs, allowing brands to create products and offers that best suit their target audience, while employees get unparalleled perks.”
Launched in 2016, Advantage Club is a leading HR Tech platform that helps corporates improve employee engagement and retention by providing attractive perks, rewards, and recognition. Advantage Club aggregates unique offers and removes friction for employees in discovering and availing these offers across 10000+ brands including Samsung, Faasos, PNB Housing, Myntra, Apollo Pharmacy, among others. Founded by UCLA, Microsoft, and Amazon alumni Sourabh Deorah and Smiti Bhatt Deorah, the core idea behind the company is to help organizations in elevating employee engagement and enable brands to identify, target and run data-driven campaigns. With 250+ corporate clients including giants like Concentrix, EY, DXC, and Mphasis, Advantage Club is leading the $2 billion market in India.
Announcing the financing, Sourabh Deorah, Co-Founder and CEO of Advantage Club, said “We are redefining employee engagement for corporates, making it more rewarding for organizations. With our employee-first product strategy and through personalization, data mining and smart analytics, we give customers a one-of-a-kind experience. We have learnt that perks and rewards cannot be one-size-fits-all across corporates, as employees from different companies have different needs, although employees within the same company tend to look for/behave in a similar manner. We will be deploying this growth capital to build deeper insights, and to also become a more holistic benefit platform for employees catering to their wellness, financial and experiential needs.”
Smiti Bhatt Deorah, Co-Founder and COO of Advantage Club, added “We are also solving the core problem for a brand to be able to run targeted promotions for better audiences. Through Advantage Club, brands get access to employees from 250+ companies and can run data-driven customized promotions.”
Prior to this round, Advantage Club had raised $700,000 in two rounds of funding from Axilor Ventures, Purvi Ventures, Mumbai Angels and other marquee investors.