HR Tech startup Advantage Club today announced that it has raised nearly $5 Million from Y-Combinator, Jetty Ventures, Earlsfield Capital, SMC Advisors, Kunal Shah and others.
The AI-driven employee engagement and benefits platform raised $3.3 Million from Jetty Ventures, Earlsfield Capital, SMC Advisors and other investors. This is an add-on to the recent round of $1.7 M from Y Combinator, Broom ventures, Kunal Shah and others.
With this latest round of funding, The company aims to expand its operations further worldwide and add more tech-led products and features to emerge as a global leader in an untapped $13 Billion market that has ample growth opportunities yet to be realized. The company also plans to continue investing in AI and machine learning to improve its product offerings.
Speaking on the announcement, Mr Sourabh Deorah, CEO and Co-Founder, Advantage Club, said, “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,” he added.
Smiti Deorah, co-founder and COO, added, "As we are nearing the endemic, the long term impact we have observed over these testing times is that the value of digitization has increased significantly. 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."
The Delaware based company was founded by Sourabh and Smiti Deorah to redefine employee benefits and engagement beyond just provident funds by building deep engagement products that can be further personalized according to each user’s behaviour. Today, the company has operations in more than 60 countries worldwide, including India, Philippines, Malaysia, Vietnam, Indonesia, Egypt, USA, UAE, and more and is growing at a tremendous rate of 20% month on month.
The brand had also recently announced to take the workforce count to 170 from 70 members. The hiring will be done across various profiles like sales, marketing and technology.
The company is live with 370+ companies across 60+ countries, including Concentrix, Teleperformance, Hexaware, EY, Target and more. They are currently focused on India, SEA and MENA regions, chasing a $13b revenue opportunity. Before starting the company, the couplepreneurs Sourabh and Smiti Deorah did their Masters from UCLA and worked at Amazon(US) and Microsoft(US).