Gurugram-based HRtech startup Advantage Club on Thursday announced that it has raised $1.7 million in a fresh round led by Y Combinator, Broom Ventures, Liquid.vc, and Kunal Shah.
Angel investors from the US, Middle East and Southeast Asia also participated in the funding round.
The startup will use the influx of fresh funds to bolster its already flourishing international business and unlock new avenues of growth. At present, it has operations in over 60+ countries, including India, Philippines, Malaysia, Vietnam, Indonesia, Egypt, USA, UAE, and others.
Advantage club’s vision is to evolve as a single global platform for employee engagement and financial wellness.
Speaking on the announcement, Sourabh Deorah, CEO and Co-founder at Advantage Club, said,
“Advantage Club has emerged as the leading employee engagement platform in the country and we are growing 20 percent MoM, this growth has come on the back of re-inventing the wheel around employee benefits and engagement by building deep engagement products further personalised according to each user’s behaviour.”
“With the new fundraise, we are gearing to take our platform to an unexplored new customer base internationally, especially in SEA, MENA and North America markets and add financial wellness products like Early Wage Access to our existing comprehensive employee engagement platform,” he added.
Launched in 2016, Advantage Club is a global platform for employee engagement and financial wellness, with benefits like perks, rewards and early wage access on a single platform. The company is live with 370+ companies across 60+ countries including Concentrix, Teleperformance, Hexaware, EY, Target and more. It is currently focused on India, SEA and MENA regions, chasing a $13 billion revenue opportunity. Before starting the company, the entrepreneurs did their Masters from UCLA and worked at Amazon(US) and Microsoft(US).
“As we go global, we are excited about having investors with global outreach. They not only bring their network but more importantly bring their learnings from different markets,” said Smiti Bhatt Deorah, COO and Co-founder at Advantage Club.