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growX Ventures leads USD 1 Mn Pre-Series A Funding in Advantage Club

ANI 

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.

"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. 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," said Manu Rikhye, Partner at growX Ventures.

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 organisations 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.

"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," said Sourabh Deorah, Co-founder and CEO of Advantage Club.

"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," said Smiti Bhatt Deorah, Co-founder and COO of Advantage Club.

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.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 29 2019. 17:13 IST
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