Advantage Club, India’s only platform for both employee perks and reward & recognition,has raised an additional $300K from Axilor Ventures, Mumbai Angels, Purvi Ventures and prominent investors. The company provides curated privileges in essential and luxury segments for corporate employees and effectively increases an employee’s spending/saving power by 10%. Premium brands on the other hand, get to target selected clientele without brand dilution. Initially started as a perk platform, they started receiving a high demand for rewards and recognition from their existing clientele, and recently launched the same.The funds will be used to enhance the reward and recognition program, building distinguished features and redemption options.
The founder couple, Sourabhand SmitiDeorahare both UCLA alumni and have worked with Amazon and Microsoft in the United States, before starting Advantage Club. Their aim is to create an analytical tech-platform which redefines employee rewards beyond gift cards and corporate discounts beyond dining.
Currently, 6000+ brands across 12 different categories including Samsung, Max Healthcare, Home Centre, Zoomcar, Smaaash, Mother’s Pride, Footprintsand Lifestyle are offering exclusive privileges via Advantage Club. They have onboarded 200+ companies including Accenture, Fidelity, Concentrix, Home Credit, Tech Mahindra, PNB Metlife, RBS, Hero and many more.There are 6 Crore+ organized sector employees in India which they aim to target.
Axilor led the round, with Ten Innovate and returning investors Mumbai Angels, Chicago Based Purvi Ventures also participating. Other prominent individual investors including Avtar Singh Monga (COO IDFC Bank), Amit Singal and Manish Aggarwal (Startup Buddy) participated in the round again.Advantage Club had raised $400k earlier from Purvi Capital, Mumbai Angels and other prominent individual investors.
Sourabh Deorah Co-Founder and CEO said, “We aim to delight corporates and employees via our app with exclusive privileges from premium brands, and features like wish lists, a 365-day customer helpline and usage dashboard. We now also enable companies to run rewards and recognition via us, and offer redemption options beyond gift cards and internal buying portals, through our extensive network of perks redeemable through reward points.Overall, we aim to be a technology company which gives multiple solutions to enhance employee and customer engagement.”
According to Smiti, COO and Co-Founder, “Every brand wants to reach out to the niche corporate clientele. But in today’s unorganized market, even if they offer acorporate privilege, it is not promoted among the employees creating lose-lose situation for them. We not only help brands market within corporates, but throughfeatures like smart personalized notifications and newsletters, we are able to influence the choices of the customer right before he/she is about to make adecision. Through our Rewards and Recognition program, brands also get a share of the HR recognition and gifting budget, which is hard to achieve independently.”
Commenting on the investment, Payal Shah, Head of Investments at Axilor Ventures said, “We were impressed by the high level of savings enabled by AdvantageClub for some of India’s largest corporate houses. We are excited to help the company build a world class product that will touch the daily lives of millions of corporate employees.”
Ravi Srivastava, Founding Partner at Purvi Capital said, “Advantage club has shown outstanding growth since we invested last year, and the team has demonstrated that they don’t just have a great product, but are capable of acquiring & delighting clients at scale. Similar to other mature markets, employee engagement programs are becoming indispensable in India. And Advantage Club is strong on track to lead this massive market.”
Amit Singhal, Founder at Startup Buddy said, “Advantage Club has proven that they are the right platform for brands to reach out to targeted niche audiences. Their focus on technology and strong unit economics has enabled them to build a venture which is not justsustainablebut alsoscalable.”
Advantage Club is aiming to extend their product bouquet to introduceadditional dimensions in employee/customer engagement. The program is already live in all major metro cities, and is planned to expand across India with stronger presence in tier-2 cities.