Employee engagement platform AdvantageClub.ai has raised $4 million in its latest funding round led by Axilor Ventures, bringing the company’s total funding to $11 million. The round also witnessed participation from AFG Ventures, Prasanna Sarkar, Bytez Ventures, and some of the existing investors.
According to a press release from AdvantageClub, the money raised will be used to expand the company’s AI capabilities, add new products in the employee engagement and experience space, expand geographically, and create wellness initiatives like fitness plans, OPD plans, health checkups, and social behavior-led healthy habit formation.
AdvantageClub, an AI-powered platform for employee engagement, rewards, and wellness, was co-founded in 2016 by Sourabh and Smiti Bhatt Deorah. It offers a variety of services, including OPD plans, wellness challenges, sales incentive automation, flexible benefits, surveys, moments that matter, and communities on a single platform. By digitizing businesses’ R&R policies, it offers end-to-end solutions to promote employee engagement and help them increase employee satisfaction and retention.
“We will continue building state-of-the-art solutions in AI and have pioneered the same in the rewards space recently with the launch of our AI bot, Adva. By building applied AI use cases within our platform, we will enhance engagement further and give new ways for organizations to engage with their employees,” said Sourabh Deorah, CEO & Co-founder of AdvantageClub.
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The Gurugram-based company says it has more than 1,000 customers, more than 10,000 brand possibilities, more than 5 million users, and a presence in more than 100 countries. Concentrix, BCG, Tech Mahindra, HCL, L&T, Hexaware, Biocon, Tata Steel, Teleperformance, Air India, Turner Construction, and many more are among the platform’s notable clientele.
From Rs 167 crore in FY22 to Rs 323 crore in FY23, AdvantageClub’s operational revenue increased by 93.4%, continuing its upward trajectory. In the fiscal year that ended in March 2023, the company also controlled its losses at the same time.
In this market, it faces competition from companies like Achievers, Vantage Circle, Bonusly, Awardco, Workhuman, and Reward Gateway.