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Axilor leads $300K investment in employee rewards platform Advantage Club
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Gurgaon-headquartered employee rewards and recognition platform Advantage Club has raised $300,000 (Rs 1.9 crore) in a fresh round of funding led by accelerator and seed fund Axilor Ventures.

Work Advantage Pvt. Ltd, which operates the platform, said in a statement that angel investment network Ten Innovate and existing investors Mumbai Angels and Chicago-based Purvi Ventures had also participated in the round.

Other prominent individual participants included IDFC Bank chief operating officer Avtar Singh Monga and startup consultancy Startup Buddy directors Amit Singhal and Manish Agarwal.

The startup said the funds will be used to enhance its rewards and recognition programme and to build new features and redemption options.

Advantage Club had raised $400,000 in early 2016 from Purvi Capital, Mumbai Angels and other prominent individual investors.

“We aim to delight corporates and employees via our app with exclusive privileges from premium brands, and features like wish lists, a 365-day customer helpline and usage dashboard,” said Sourabh Deorah, co-founder and chief executive of advantage Club.

The company claims that more than 6,000 brands across 12 different categories including Samsung, Max Healthcare, Home Centre, Zoomcar, Smaaash, Mother’s Pride, Footprints and Lifestyle are offering exclusive privileges to its customers via Advantage Club.

Its counts more than 200 firms among its clients including Accenture, Fidelity, Concentrix, Home Credit, Tech Mahindra, PNB Metlife, RBS, and Hero.

Advantage Club said it is aiming to extend its product bouquet and build a stronger presence in tier-2 cities.

Founder couple Sourabh and Smiti Deorah are both University of California, Los Angeles (UCLA) alumni and worked with Amazon and Microsoft in the US before starting Advantage Club in 2014.

Axilor Ventures

Axilor Ventures is led by Infosys co-founders Kris Gopalakrishnan and SD Shibulal.

In November last year, the firm had invested in Bangalore-headquartered Open Appliances Pvt Ltd, a startup which makes smart locks.

Axilor, which also runs an accelerator, had announced last August that its fifth batch of startups had graduated. The firm said half of these startups had already secured funding averaging 2.5 crore. In all, the cohort has raised Rs 32 crore (around $5 million).

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