Gurugram-based corporate engagement platform Advantage Club has raised $1 Mn in Pre-Series A funding round led by GrowX Ventures. Other investors who participated in the round include Axilor Ventures, Sprout Venture Partners, Avtar Singh Monga, Mumbai Angels, Rahul Maroli, Rajnish Sinha, Rohit Chanana, Vikas Bagaria and existing investors.
The funds will be used to build deeper insights and become more holistic benefit platform for employees catering to their wellness, financial and experiential needs. Prior to this round, the company has raised $700K in funding from Axilor Ventures, Purvi Ventures, Mumbai Angels and other marquee investors.
Founded in 2016 by Sourabh Deorah and Smiti Bhatt Deorah, Advantage Club offers corporate solutions to improve employee engagement and retention. Advantage Club aggregates unique offers and removes friction for employees in discovering and availing these offers across more than 10K brands including Samsung, Faasos, PNB Housing, Myntra, Apollo Pharmacy, among others.
The company claims to be offering services across 312 corporates including Accenture, HCL, EY, Concentrix etc. Smiti Bhatt Deorah, cofounder and COO of Advantage Club, said “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.”
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 behaviour and preferences.”
According to DataLabs by Inc42, the HRtech sector garnered $504.8 Mn funding in 2018, which is a 207% rise from $164.2 Mn funding in 2014. Glassdoor’s 2017 employee benefits guide reveals that 57% of the respondents agreed that perks and benefits were one of the most important factors in their decision about a job.
A Winston Benefits report said that more employers relied on technology to deliver benefits to their employees in 2018. Employers across industries recognized that consumer-focused benefits options, better communications with employees and the adoption of benefits technology were key factors in recruiting and retaining top talent.