Gurgaon based HR Technology start-up Benepik that provides mobile based solution for Employee Communication, Engagement, Rewards and Recognition, has raised an undisclosed amount in seed funding.
Benepik has raised the seed funding from a group of investors including Vishal Bali. Vishal is a serial investor and has invested in several startups including Bangalore based Health Tech start-up Feet Apart, in 2016 [Read Here]. Delhi-based HR Leader Yogesh Misra and a Delhi based HNI also participated in the round.
Benepik was founded in 2015 as an Employee Benefits platform. Saurabh Jain, Founder & CEO is an alumnus of Delhi School of Economics and has worked in consulting and technology practices at Capgemini, Deloitte and UNDP across India & Europe. In the last two years, Benepik has evolved into an integrated platform for Employee Communication, Engagement, Rewards and Recognition for the mid and large size organizations. It has over 15 clients across Financial Services, Consumer Appliances, Automotive and Manufacturing among others.
Benepik claims to have the most integrated solution in the Employee Engagement space. The platform is particularly useful for communication and engagement of non-desk workers (such as sales, service, operations and front end employees). It offers many other functionalities such as peer to peer recognition, pulse surveys, health & wellness, gamification among others. As part of its Employee Benefits portfolio, it has partnered with 1200+ merchants to offer preferred pricing to its corporate customers.
Saurabh Jain, Founder & CEO of Benepik said, the funds will be used to strengthen the platform further, adding more functionalities around employee engagement and learning & development. It will also focus on developing capabilities in HR Analytics besides focusing on geographical expansion.
According to PeopleMatters.in, the HR technology marketplace is a $400 billion market globally. While it is a budding market in India, reports suggest that India is expected to grow at the rate of about 25% in the next 5 years, and that by 2021, Indian firms can save at least $600 million annually with HR tech.
Between 2012 and 2016, leading venture capitalists have invested over INR 1000 crore in the promising HR startup segment.
Last November, HR tech startup Shortlist raised seed funding of $1 million from US-based venture capital firm University Ventures, ImpactAssets, Bodley Group, Kenya-based seed fund Zephyr Acorn, Samir Shah of Sattva Capital and several other investors from both India and the US. Prior to this — in April 2017, HR-based bot & AI technology startup Engazify raised undisclosed amount from Silicon Valley based HNI angel investor, Vaibhav Domkundwar.
Moreover, there have been three acquisitions in this space in 2016 — Quikr acquired Bangalore-based job board Hiree, Indore’s Wag Mobile, a mobile first learning and training platform was acquired by Edcast, and Chennai-based KPIsoft, which provides a performance management solution was acquired by Kresna Investments.
Prior to this, an another HR tech startup EdGE Networks was in the news when it made into The Deloitte Technology Fast 50 India 2016 Winner List.