India-based Advantage Club, a platform for managing employee benefits through state-of-the-art technologies, raised USD 5 million on 8th November.
Investors: The funding was provided by Y Combinator, Jetty Ventures, Earlsfield Capital, SMC Advisors, etc. A total of USD 5 million was raised to expand and operate.
Purpose of funding: It aims to expand into international markets and add more tech-driven services and products to become a global leader in an untapped USD 13 billion market. Using the funds, the company will expand global operations and invest in AI and machine learning to improve its products.
About Advantage Club
Founded in 2014 by Sourabh Deorah and Smiti Deorah, Advantage Club provides rewards, recognition, perks, financial wellness, and employee engagement all under one roof. It focuses on delivering programs that connect and benefit both the brand and the organization’s clients and employees. By using the platform, businesses can engage with customers more effectively, and brands can target specific segments of customers.
Customers include Concentrix, Teleperformance, Hexaware, EY, Target and others. Advantage Club claims to work with over 370 companies in 60+ countries. Currently, the focus is on India, Southeast Asia, and the Middle East and North Africa. In November, the company announced that its employee strength would increase to 170 from 70. New hiring will fill sales, marketing, and technology positions.
At Advantage Club, both founders anticipate business growth. As a player in the market, Sourabh Deorah isn’t new. Prior to joining Amazon, he worked for Microsoft’s Bing team and Microsoft’s Bing team. Also, Smiti Deorah spent a couple of years writing code at Microsoft Redmond.
What the founders have to say
“The latest influx of funds will help us bolster our presence internationally and help us hire the right talent to manage our operations globally. We aim to evolve as a single global platform for employee engagement and financial wellness in the SEA and MENA market,” said Sourabh Deorah, co-founder and CEO at Advantage Club.
“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, co-founder and COO at Advantage Club.
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