The company will use these funds to boost its international business and push the next stage of growth
Gurugram-based HR-tech startup Advantage Club on Thursday announced that it has raised $1.7 million in a fresh round led by Y Combinator, Broom Ventures,, and Kunal Shah. Leading angel investors from the US, Middle East, and Southeast Asia also participated in the funding round.
"Advantage Club has emerged as the leading employee engagement platform in the country and we are growing 20 per cent month-over-month (m-o-m), this growth has come on the back of re-inventing the wheel around employee benefits and engagement by building deep engagement products further personalized according to each user's behavior," said Sourabh Deorah, chief executive officer and co-founder, Advantage Club.
The company will use the influx of fresh funds to bolster its already flourishing international business and unlock new avenues of growth.
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," Deorah added.
At present, the company has operations in over 60 countries, including India, the Philippines, Malaysia, Vietnam, Indonesia, Egypt, the USA, UAE, and others. Advantage club's vision is to evolve as a single global platform for employee engagement and financial wellness.
"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," commented Smiti Bhatt Deorah, chief operating officer and co-founder, Advantage Club.
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 over 370 companies across 60 countries including Concentrix, Teleperformance, Hexaware, EY, Target, and more.
They are currently focused on India, SEA, and MENA regions, chasing a $13 billion revenue opportunity.