Loyalty management solutions provider Giift, along with Apis Partners-managed private equity fund Apis Growth Fund II, have invested $30 million (Rs 225 crore) to acquire a strategic interest in software-as-a-service (SaaS)-focused fintech startup Xoxoday.
The bet included both primary and secondary components and the tie-up will enable both Giift and Xoxoday to enlarge their service offerings and collectively boost global growth.
“Xoxoday is a unique and powerful loyalty platform for employee, sales and consumer rewards. Our partnership with Xoxoday will enable Giift to offer the most comprehensive engagement and loyalty solution available on the market, and represents a big step forward in our mission to create the global standard for the loyalty industry,” said Laurent Xatart, Co-Founder and CEO of Giift.
The Bengaluru-headquartered company claims to provide technology infrastructure to enable businesses to automate rewards, incentives and pay-outs across the value chain. It was founded by Sumit Khandelwal, Manoj Agarwal, Abhishek Kumar and Kushal Agrawal.
Xoxoday also claims to work with more than 2,000 clients, across over 10 countries and 2.5 million users. It plans to use the fundraise to fuel the next stage of growth in international markets and upgrade the technology infrastructure.
"We firmly believe that growth compounds with the right people and right partners. With Giift and Apis Partners on board, I can only see growth upwards and onwards from here.
Giift's loyalty infrastructure and Xoxoday's rewards infrastructure, together, cover the length and breadth of business use cases across the entire lifecycle for employees, channel partners, and consumers," said Sumit Khandelwal, Co-Founder and CEO at Xoxoday.
“We are delighted to announce our partnership with Xoxoday. It is rare to see a business with such a strong founding team and targeting such an under-invested opportunity. Xoxoday’s impressive and largely self-financed growth over the last decade is a testament to the sharp focus with which the team has been executing its plans,” said Apis Partners’ Co-Founder and managing partner Matteo Stefanel.
