Benepik inching closer to Rs 100 Cr revenue in 2022-23

Gurugram : Benepik, which bills itself as a “Rewards, Loyalty, and Engagement Gateway to Businesses,” has announced that it is on track to earn more than INR 100 Crores in the current fiscal year. Since its inception, the company has expanded rapidly, and this latest success further solidifies its standing as a market leader in the rewards and engagement sector.

Benepik provides companies with solutions for channel loyalty programs, employee engagement programs, and corporate gifting programmes. Its Channel Loyalty service facilitates two-way communication between companies, as well as personalised incentives and clear payouts for business partners. In addition, it provides an Employee Engagement solution to help businesses increase employee participation in the workplace and develop a more positive corporate culture. It has a large selection of gift cards, bank, UPI, and e-wallet transfers, electronics appliances, and experiences like restaurant gift certificates, vacation packages, and health and fitness memberships available through its Gifting solution.

The achievement of the 100 Crores revenue milestone is a credit to the efforts of everyone at the company, said Founder & CEO Saurabh Jain. We set out to shake up the Rewards industry with our novel approach, and this success shows that we’re on the right track to doing just that.

Growing sales, market share, and profits are all possible when distributors and retailers work together to foster brand loyalty among their channel partners. Benepik’s Channel Loyalty service assists businesses in fortifying relationships with key opinion leaders and Channel Partners. Revenues can be boosted with the help of influential people like retailers, mechanics, painters, and carpenters. While brands have known for some time that influential people like this exist, it has been difficult to work with them because of factors like low adoption, limited reach, and a lack of quality data. Brands can easily onboard influencers, release campaigns, monitor sales at the retailer and influencer levels, raise brand awareness, and incentivize in real time with Benepik. With WhatsApp’s help, businesses have been able to rapidly expand their loyalty programme’s reach. A well-structured Channel Partner Loyalty Program has helped its clients reduce pay-out times by 90% and increase revenues by 15% to 220%, respectively.

Benepik’s Employee Engagement Offering aids organizations in creating an engaged workforce through an integrated and comprehensive solution. This includes social recognition, pulse surveys, communication, gamification, fun@work and health & fitness contests. The solution is particularly valuable for organizations with large non-desk workforce such as sales and customer facing staff. Organizations can gain real time insights, drive social connectedness, and inspire healthy competition and leverage technology to drive engagement.

Its Rewards & Corporate Gifting Solution offers a Global Catalogue of Rewards including Gift Cards, Bank, UPI and E Wallet Transfers, Electronic Appliances and Experiences. It offers Rewards Catalogue in 100+ Countries including North America, Europe, Middle East and South-East Asia. It has fully digitalized solution ensuring Power of Choice to its users. Organizations can tailor-made this to suit the profile of their users and objectives of the program. It comes with value-add features such as budget management, customized campaigns, schedule gifts for special occasions and flexible denominations. One of the most sought out and unique feature is that companies can send personalized greetings and a video message along with the gift.

With a strong footing in the Indian Market, Benepik has expanded globally with its offices into the Middle East & Indonesia. In the current year Financial Year, company has onboarded more than 500 clients including leading names from BFSI, Pharmaceuticals, FMCG, Consumer Appliances, Market Research, Auto Components and EdTech to name a few.

To celebrate its accomplishments, Benepik recently gifted few of its Star Performers with Company Cars. It has introduced an Employee Stock Ownership (ESOP) Plan to ensure long term value creation for its employees. The initiative is aimed at enabling the employees to participate in the wealth creation and making them an equitable partner in the company’s success. The company has a robust reward and recognition scheme including On-spot, Monthly, Quarterly and Annual Awards. Recently, it organized its Annual Award ceremony to felicitate exceptional performers.

Benepik is also expected to achieve operational profitability in the Current Financial Year defying the popular belief that Growth comes at the cost of sustainability. Our goal has always been to build a business that not only provides exceptional value to our customers but is also financially sustainable.

“We are grateful to our customers, partners, and team members for their support in helping us reach this milestone” added Saurabh. “We remain committed to delivering exceptional value to our customers and achieving sustained success in the years to come.”

Benepik was founded by Saurabh Jain, an alumnus of Delhi School of Economics. Benepik has its Head Office in Gurugram and Sales offices in Mumbai, Dubai and Jakarta.