Rewardz draws $3 million investment from Benefit One

Rewardz, a Singapore based HR technology solutions provider, has announced a SG$3 million investment by Benefit One.

According to a press release, under the definitive agreement, with this investment, Benefit One becomes a major stakeholder of Rewardz.

As of 1st December, Benefit One was officially appointed as the strategic investor of Rewardz. Founders of Rewardz Sudhanshu Tewari, Nicole Seah and Jaya Maru will be the shareholders together with Benefit One shareholders with all other shareholders exiting as part of the agreement.

“One of the biggest challenges faced by any technology start-up is funding the company until it scales up sufficiently to support itself,“ said Sudhanshu Tewari, CEO of Rewardz.

“This long term strategic partnership with Benefit One has solved this crucial problem for us and we will be fully focused on growth and scaling the business. We are excited to expand the company with an experienced partner like Benefit One”.

Human Resources interviewed Tewari, to identify how the investment is expected to influence Rewardz's manpower and product offerings.

Q. How will this investment affect your stakeholders (internal and external, i.e. employees and customers)?

Employees: Its great news for the current employees as most of them have been with us through the tough start-up phase. We can now offer them compensation which will be inline with the market standard. More importantly, we will be going through a rapid expansion phase in next 2-3 years and roles and responsibilities of current team will continue to grow. So, I am sure my current team will enjoy the challenge and learning from this fast paced growth of the company.

Customers: No impact to customers. Rewardz will continue to service them as per normal. We will be focusing heavily on new client acquisition in 2017.

Q. Are there any plans to expand the current headcount? If so, what roles are you looking to hire?

Yes. We are looking to hire across most of our departments. Some of the key roles that we are looking to fill are strong sales and business development leads in Singapore and Malaysia. Also, there are lot of open technology roles in Bangalore, India across mobile and web domains.

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Q. Will there be any interruptions to your product offerings as a result of this investment?

Not at all. Account management, client support and client acquisition are our top priorities.

Q. In line with this investment, are there any new products in the pipeline that Asia clients can look forward to?

Yes. We will be launching a new age holistic total rewards mobile app that can seamlessly align itself to any company's rewarding strategy. Product is in beta stage and getting used by some major clients like DBS and Carrier. Another space that we may be focusing on will be mental wellness app for companies.

Q. What are your growth plans for the next 3 to 5 years?

We want to be market leader in the space of employee benefits and wellness across Asia and Middle East. Focus for 2017 is to expand our base in Singapore, Dubai and Malaysia and then explore opportunities for expansion in 3 other Asian locations. I will be able to share more on the new locations by Q2-17.

Photo / 123RF