Gurugram based employee rewards and recognition platform Advantage Club has raised $1 Mn as part of its pre-Series A round of funding led by GrowX Ventures and joined by early-stage investor Sprout Venture Partners, among others. Existing investors Axilor Ventures and Mumbai Angels, as well as angel investors, also participated in the round.
The startup will use the fresh capital to become a more holistic benefits platform for employees catering to their wellness, financial and experiential needs, said Sourabh Deorah, co-founder and chief executive, Advantage Club.
Launched in 2016 by Sourabh Deorah and Smiti Deorah, the HR tech startup helps corporates improve employee engagement and retention by providing perks, rewards, and recognition. Its clients include Concentrix, EY, DXC, and Mphasis, among 312 corporates. It had earlier raised $400,000 in early 2016 from Purvi Capital, Mumbai Angels, and individual investors. Last year, it also raised $300,000 in a fresh round of funding led by Axilor Ventures.
The current investment in Advantage Club is again a validation of the increasing best on HR startups by investors. Earlier this month, Talview Inc. raised $6.75 Mn its Series A round of funding from investors including US-based Storm Ventures, Inventus Capital, Eileses Capital, and Emergent Ventures.