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Giift, a provider of loyalty management solutions around the globe, backed by Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, on Wednesday announced that it has invested $30 million (Rs 225 crore) in Xoxoday, a Bengaluru-based fintech startup operating in the rewards, incentives, and payout space. 

As per the official statement, the partnership included both primary and secondary capital components, and the collaboration will enable both Giift and Xoxoday to expand their service offerings and collectively accelerate growth globally.

The startup will use the funding to fuel the next stage of growth in international markets and upgrade the technology infrastructure required to serve the next set of billion users. 

Sumit Khandelwal, Co-founder and CEO of 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.

Almost a decade ago, the four founders — Sumit Khandelwal, Manoj Agarwal, Abhishek Kumar, and  Kushal Agrawal — began their entrepreneurial journey with an aim to solve the everyday problem of human motivation using technology. With a first-principles approach, they reimagined how rewards, incentives, and payouts should work via branded currency. Today, through its platform, Xoxoday enables rewards and incentives embedded and integrated into the flow of work across the value chain. 

Since different business contexts demand tailored solutions, Xoxoday has three SaaS offerings for the market. The first is Plum, a horizontal platform infrastructure that automates rewards, incentives, and payouts programmes at scale from the flow of work.

The second is Empuls, a vertical platform enabling organisations to build an engaged workplace where everyone is aligned, motivated, empowered, and connected.

The third is Compass, a platform that automates and gamifyies sales incentives and commissions for sales teams. 

Laurent Xatart, Co-founder and CEO of Giift, said, 

“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.”

Xoxoday works with more than 2,000 clients, across 10+ countries and over 2.5 million users. It is a 270-member team with four global offices in San Francisco, Dublin, Singapore, and Delhi. 

Apis Partners Co-founder and Managing Partner Matteo Stefanel added,

“We are delighted to announce our partnership with Xoxoday. It is rare to see a business with such a strong founding team 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.”