Bringing the company's total funding to USD 11 million, employee engagement platform AdvantageClub.ai has raised USD 4 million in its latest funding round. The funding round was led by Axilor Ventures, wherein, it witnessed participation from the likes of AFG Ventures, Prasanna Sarkar, Bytez Ventures, and some of the existing investors.
The funding will be focused on building the company’s AI capabilities which will include adding new products in the employee engagement and experience space, building wellness programs such as OPD plans, fitness plans, health checkups, and social behavior-led healthy habit formation. The funds will also be utilized for its geographical expansion.
AdvantageClub was co-founded back in 2016 by Sourabh Deorah and Smiti Bhatt Deorah, and is an AI-powered employee engagement, rewards, and wellness platform. It is known in the market for offering rewards & recognition, wellness solutions including OPD plans, annual health checkups, wellness challenges, sales incentive automation, flexible benefits, surveys, moments that matter, and communities on a single platform. Furthermore, it also provides end-to-end solutions to facilitate employee engagement by digitizing companies’ R&R policies; thereby allowing them to drive better employee retention and happiness.
“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.ai.
AdvantageClub.ai claims to have over 5 million users with a presence across 100 countries. Currently, it serves more than 1,000 clients, and offers over 10,000 brand options. Furthermore, the platform also boasts an impressive client portfolio which include Concentrix, BCG, Tech Mahindra, HCL, L&T, Hexaware, Biocon, Tata Steel, Teleperformance, Air India, Turner Construction, to name a few.
If we look at AdvantageClub’s revenue from operations, it grew to INR 323 crore in FY23 from INR 167 crore in FY22. It has maintained its growth streak in FY23, witnessing its operating revenue increasing by 93.4%. At the same time, the firm also managed to control its losses in the fiscal year ending March 2023.
Currently, it competes with players in the market namely Vantage Circle, Bonusly, Awardco, Workhuman, Reward Gateway, and Achievers.
