Axilor Ventures leads $4 Mn round in AdvantageClub.ai

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.

The proceeds will be allocated towards building the company’s AI capabilities, including adding new products in the employee engagement and experience space, geographic expansion, and building wellness programs such as OPD plans, fitness plans, health checkups, and social behavior-led healthy habit formation, AdvantageClub said in a press release.

Co-founded in 2016 by Sourabh Deorah and Smiti Bhatt Deorah, AdvantageClub is an AI-powered employee engagement, rewards, and wellness platform with offerings like 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. It provides end-to-end solutions to facilitate employee engagement by digitizing companies’ R&R policies, 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.

The Gurugram-based company claims to have over 5 million users, a presence in over 100 countries, serve more than 1,000 clients, and offer over 10,000 brand options. The platform boasts an impressive client portfolio featuring Concentrix, BCG, Tech Mahindra, HCL, L&T, Hexaware, Biocon, Tata Steel, Teleperformance, Air India, Turner Construction, and many more.

AdvantageClub’s revenue from operations grew to Rs 323 crore in FY23 from Rs 167 crore in FY22 and maintained its growth streak in FY23, with the firm’s operating revenue increasing by 93.4%. Simultaneously, the firm also managed to control its losses in the fiscal year ending March 2023.

It competes with other players in this space, such as Vantage Circle, Bonusly, Awardco, Workhuman, Reward Gateway, and Achievers.