Giift, a provider of Loyalty management solutions, and Apis Growth Fund II backed Apis Partners, a private equity fund run by Apis Partners LLP, has recently announced that they have invested around $30 million (Rs 225 crore) in acquiring a substantial strategic share in Xoxoday, a SaaS based provider of fintech in the incentives, rewards and payout space.
The investment is inclusive of both primary and secondary capital components, and the teaming up will empower both Giift and Xoxoday to expand their service offerings and simultaneously hasten the growth globally.
Xoxoday Co-founder & CEO, Sumit Khandelwal said that the firm believes that growth deepens with right people and partners. With Giift and Apis Partners on board, the firm can witness growth upwards and onwards from here.
Together the loyalty infrastructure of Giift's and reward infrastructure of Xoxoday's rewards infrastructure could protect the length and breadth of business use cases around the complete lifecycle for employees, consumers and channel partners.
Xoxoday offers technology infrastructure for enabling businesses to automate incentives, rewards and payouts across the value chain. The funds raised will be used by Xoxoday to enhance the next stage of growth in international markets and elevate the technology infrastructure needed to serve the next set of billion users.
Co-Founder and CEO of Giift, Laurent Xatart said that Xoxoday is an exclusive and strong loyalty platform for employees, consumer rewards and sales. This collaboration will enable Giift to provide most wide-ranging engagement and loyalty solutions available on the market and signifies a big step forward in the mission to build a global standard for the loyalty industry.
Xoxoday was founded by Sumit Khandelwal, Abhishek Kumar, Manoj Agarwal and Kushal Agrawal, were they commenced their journey of entrepreneurship by solving the crucial problems everyday using technology.
With a first principal strategy, they have re-imagined how rewards, payouts and incentives should work via branded currency.
Source Credit - https://www.business-standard.com/article/companies/loyalty-solutions-provider-xoxoday-raises-30mn-from-giift-apis-partners-122022301375_1.html