Loyalty solutions provider Xoxoday raises $30mn from Giift, Apis Partners

The investment includes both primary and secondary capital components, and the collaboration will enable both Giift and Xoxoday to enlarge their service offerings and accelerate growth globally

Loyalty management solutions provider Giift, and Apis Partners backed by Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, announced that they have invested $30 million (Rs 225 crore) in acquiring a significant strategic stake in Xoxoday, a SaaS based fintech provider in the rewards, incentives and payout space.

The investment includes both primary and secondary capital components, and the collaboration will enable both Giift and Xoxoday to enlarge their service offerings and collectively accelerate growth globally.

Sumit Khandelwal, Co-founder & CEO Xoxoday, said, "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."

Xoxoday provides technology infrastructure to enable businesses to automate rewards, incentives and payouts across the value chain. Xoxoday will use the funds raised to fuel the next stage of growth in international markets and upgrade the technology infrastructure required to serve the next set of billion users.

"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 Co-Founder and CEO of Giift Laurent Xatart.

Xoxoday’s founded by Sumit Khandelwal, Manoj Agarwal, Abhishek Kumar, and  Kushal Agrawal, began their entrepreneurial journey by solving the complex everyday problem of human motivation using technology. With a first-principles approach, they reimagined how rewards, incentives, and payouts should work via branded currency.

Apis Partners Co-founder and Managing Partner Matteo Stefanel said: "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."