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Benefit Membership Raises $5m to Develop and Evolve right into a Single International Platform for Worker Engagement and Monetary Wellness

Benefit Membership, an Indian HR Tech startup specializing in worker engagement and monetary wellness, has raised almost $5M in Pre-Sequence A funding from Y Combinator, Jetty Ventures, Earlsfield Capital, SMC Advisors, Kunal Shah, and others.

The Gurugram-based startup plans to make use of this cash to increase its operations globally and additional spend money on AI and machine studying to develop its product choices.

The corporate mentioned it raised $3.3M from Jetty Ventures, Earlsfield Capital, SMC Advisors, and many others. It comes as an addition to the $1.7M it raised from Y Combinator, Broom Ventures, Liquid2 Ventures, Kunal Shah, and others earlier this August. 

Based in 2014 by UCLA graduates Sourabh Deorah and Smiti Deorah, Benefit Membership is a mobile-first worker reward, recognition, and advantages platform. The AI-powered platform goals at evolving right into a single world platform for worker engagement and monetary wellness in SEA and MENA markets. They have already got operations in 70 international locations globally, starting from India, the UK, Vietnam, the US, Indonesia, the United Arab Emirates, Egypt to the Philippines.

Driving Larger Retention and Productiveness

Smiti Deorah, COO and Co-Founder, mentioned, “As we’re nearing the tip of the pandemic, the long run impression we’ve got noticed over these testing occasions is that the worth of digitisation has elevated considerably. With work at home changing into more and more regular, cross border collaboration inside firms has elevated and the requirement of worker engagement has develop into really world. We’ll proceed fixing this downside by constructing world merchandise catering to HR groups the world over, driving increased retention and productiveness.”

Sourabh Deorah, CEO and Co-Founder, mentioned, “The most recent inflow of funds will assist us bolster our presence internationally and assist us rent the appropriate expertise to handle our operations globally.” On his LinkedIn account, Sourabh shared, “With this capital we’re geared to maneuver nearer to our imaginative and prescient of a single worker engagement and expertise platform throughout the globe. A giant thanks to our prospects, workforce members and traders for being a part of the journey.”

The HR Tech startup just lately said plans to extend their personnel from 70 to 170 by the tip of the yr. The corporate additionally claims to be rising at a charge of 20% MoM.

In accordance with their web site, the present merchandise they provide embody Rewards & Recognition, Early Wage Benefit, Gross sales Contests & Automated Incentives, Benefit Membership Card, Communities, and Perks.

Benefit Membership has over 370 purchasers throughout 70 international locations globally, with huge gamers like EY, Concentrix, Goal, Teleperformance, and Reliance being part of the roster. Additionally they have over 10,000 model companions, together with Amazon, Walmart, 7-Eleven, Flipkart, and Zomato.

In accordance with Fortune Enterprise Insights, the worldwide HR Tech market is projected to develop from $24.04B in 2021 to $35.68B in 2028 at a CAGR of 5.8%. Will probably be fascinating to see how Sourabh and Smiti can propel Benefit Membership to seize a piece of this rising market.

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