HR tech startup Benepik that provides mobile based solution for Employee Communication, Engagement, Rewards and Recognition, has raised an undisclosed amount in seed funding from a group of investors including serial investor Vishal Bali, Delhi based HR leader Yogesh Misra, and a Delhi based HNI.
Gurgaon based Benepik was founded in 2015 as an Employee Benefits platform by Saurabh Jain. 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 offers many other functionalities such as peer to peer recognition, pulse surveys, health and wellness, gamification among others.
The HR tech startup claims to have over 15 clients across financial services, consumer appliances, automotive and manufacturing 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 stated that the funds will be used to strengthen the platform further, adding more functionalities around employee engagement and learning and development. It will also focus on developing capabilities in HR Analytics besides focusing on geographical expansion.
The first three months of 2018 saw a flurry of activity in the skilling and HR tech space with some six startups reining in total disclosed investment upward of $50 million.
As per Deloitte Consulting LLP, the HR technology marketplace is a $400 billion market globally. Investor interest in this sector is steadily growing globally and in India as well. It is estimated that Indian firms can save at least $600 million annually with HR tech. As organizations turn more towards digitization, investments in the sector are expected to grow.