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.
Founded in 2012 by Sumit Khandelwal, Manoj Agarwal, Abhishek Kumar and Kushal Agrawal, Xoxoday provides technology infrastructure to enable businesses to automate rewards, incentives and payouts across the value chain.
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.
Matching the market demand, the startup has designed three software as a service (SaaS) offerings. These include:
- Plum, a horizontal platform infrastructure, automating rewards, incentives, and payouts programs.
- Empuls, a vertical platform enabling organizations to build an engaged workplace, where everyone is aligned, motivated, and connected.
- Compass, a platform automating and gamifying sales incentives and commissions for sales teams.
It took a pandemic to expose the gaps in the way businesses engage with people. It is inevitable that businesses invest in systems that align people, delight customers, and empower their partners.
Apis Partners Co-founder and Managing Partner Matteo Stefanel said: “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.
Udayan Goyal, Apis Partners Co-founder, and Managing Partner added: “Following Apis’ recent partnership with Giift, we are very happy to be expanding our efforts in the rewards and loyalty sector with Xoxoday. The space that Xoxoday occupies is becoming a necessity around the world for businesses, particularly as the world transitions to a hybrid work environment. We are excited to support them in the next phase of their growth.