The AI-driven platform provides employee benefit management services to its corporate clients
This $3.3 Mn is in addition to the $1.7 Mn raised by the startup earlier
The global HR tech market is expected to be worth $35.58 Bn by 2028
AI-driven employee engagement and benefits platform Advantage Club has raised $3.3 Mn in funding from jetty Ventures, Earlsfield Capital, SMC Advisors and other investors. This is in addition to the $1.7 Mn raised earlier from Y Combinator, Broom Ventures, Kunal Shah and others during the same round.
The Gurugram-based startup founded in 2016 by Sourabh and Smiti Deorah provides employee benefit management services to its clients, including Times Group, EY and Reliance Nippon Life Insurance.
Companies can use the platform to manage employee perks, allocate rewards and recognition, create and manage ‘hobby clubs’ and manage digital employee engagement. The startup plans to use the freshly raised capital to expand its operations abroad and add more products and features to its platform.
“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 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,” said Smiti Deorah, cofounder and COO.
According to the company’s website, it has over 10K+ brand partners and its platform is live in over 70+ countries.
The global HR Tech market was worth $22.89 Bn in 2020. Based on analysis by Fortune Business Insights, the market is projected to grow from $24.04 Bn in 2021 to $35.68 Bn in 2028 at a CAGR of 5.8%.
The Asia Pacific region is expected to show the fastest growth rate during the forecast period. China is expected to hold major market share in the region, followed by Japan, Indian, and South Korea.
The Indian HR Tech market will be primarily driven by industrialisation and urbanisation and growth in the number of corporate organisations and startups. Earlier this month, self-serve employment startup Multiplier had raised $13.2 Mn in a Series A funding round led by Sequoia Capital.
Last month, Bengaluru-based employee benefits and insurtech startup Pazcare had raised $3.5 Mn (INR 25 Cr) as part of its seed round led by BEENEXT. The funds raised will be used for product development and recruitment.
Correction: The founding year was erroneously reported as 2014 instead of 2016. We have clarified the error.
