[Funding alert] Advantage Club raises $1M led by growX Ventures
Gurugram-based Advantage Club, an employee perks and rewards platform, has announced it has raised a funding of $1 million in a Pre-series A round 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, and Vikas Bagaria.
The startup’s existing investors also participated in the round.
Sourabh Deorah, Co-Founder and CEO of Advantage Club, said,
“With our employee-first product strategy and through personalisation, 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."
Launched in 2016 by Sourabh Deorah and Smiti Bhatt Deorah, Advantage Club is an HR tech platform that helps corporates improve employee engagement and retention by providing perks, rewards and recognition.
The startup aggregates offers across 10,000+ brands including Samsung, Faasos, PNB Housing, Myntra, Apollo Pharmacy, among others. With 250+ corporate clients including Concentrix, EY, DXC and Mphasis, it helps organisations to elevate employee engagement, enabling brands to identify, target, and run data-driven campaigns.
Manu Rikhye, Partner at growX Ventures said,
“Organisations 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. 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.”
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.
Last month, growX Ventures also invested an undisclosed sum in a Bengaluru-based spacetech startup Pixxel. In April 2019, it backed a technology-driven lending company Progcap with a seed funding of Rs 7 crore.
(Edited by Saheli Sen Gupta)