Axilor Ventures, an existing investor, led a $4 million investment round for AdvantageClub.ai, an employee engagement and rewards platform, increasing its total capital to $11 million.
In addition to enhancing the company’s technological capabilities in the HRtech space, cofounder Sourabh Deorah said that the funds will be used to accelerate the company’s expansion in the US and Asia and improve its wellness programs, such as fitness plans, health checkups, outpatient department (OPD) plans, and social behavior-driven healthy habit formation.
The other investors in the round were Prasanna Sarkar, cofounder of the employee management platform Rippling; AFG Ventures; and Bytez Ventures.
The company that also operates from Gurgaon is headquartered in San Francisco.
“Everyone is looking for more flexibility in the employee experience space, and everyone wants a single app for multiple use cases,” said Deorah. “There is also a general willingness (from companies) now to adapt to and change obsolete technologies, which historically used to be a challenge.”
Founded in 2016 by Sourabh and Smiti Bhatt Deorah, AdvantageClub.ai offers a single platform for surveys, sales incentive automation, wellness solutions, rewards and recognition, and more.
Over 5.5 million people use the platform in 100 different countries.
Concentrix, BCG, Tech Mahindra, HCL, L&T, Biocon, Tata Steel, and Air India are among its approximately 1,000 clients.
The business uses AI to provide customized recognition and reward programs that are bolstered by data-driven insights. It offers real-time feedback, tailored suggestions, and AI-powered virtual assistants to answer queries and issues from staff members. Additionally, it analyzes labor trends to provide insights that help organizations increase employee retention and satisfaction.
In 2021, the business raised $5 million from investors, including Kunal Shah, the creator of Cred and Y Combinator, based in Silicon Valley.
By the end of the current fiscal year, AdvantageClub.ai hopes to generate $8 million in revenue, with 50% of its business coming from India and the remainder from countries like the US, according to Deorah.
“Covid-19 put HR on the centre map of an organisation and made employees experience something people talk about. This was a big enabler in which people started employee experience seriously and reward recognition, and wellness initiatives became relevant in the last four years. We have been a beneficiary of that,” he said.
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