Leisure hospitality provider Mahindra Holidays has acquired a 12% stake in Bengaluru-based Nreach Online Services Pvt. Ltd, which runs two brands, namely, Giftxoxo and Frogo. The transaction details remain undisclosed.
The move aims to expand Mahindra Holiday’s offerings and increase their reach to over 2 Lakh Club Mahindra members.
Sumit Khandelwal, Co-founder at Giftxoxo said, “Our strength and understanding of experienced business, coupled with the strong brand name of Mahindra group will help us create a strong supply of curated experiences, build a robust and scalable technology platform and provide value to end customers.We believe that this will create immense value for both entities and expand the outlook of leisure beyond movies, malls, and restaurants.”
Giftxoxo, launched in 2012, has two different business units viz. Giftxoxo which is into gifting activities and the other is mobile app Frogo, wherein a customer can browse through various interesting activities they can do around their place and can later book for it. The company was founded by Sumit Khandelwal, Manoj Agarwal, Abhishek Kumar and Kushal Agrawal.
Giftxoxo offers over 5,000 experiences across categories such as adventure, wellness, fine-dining, hobbies & workshops, and philanthropy. It also offers a SaaS enabled platform for rewards and recognitions to corporates. Its consumer brand, Frogo, helps users discover and book activities, experiences, and things-to-do such as Microlight flying, Dolphin tours, camel ride on beach, city tours etc. to do in the city or at a travel destination.
Giftxoxo and Frogo cater to over 700 clients across India and around the world. With a current team of 150 people, the portal did around $6 Mn (INR 40 Cr) revenue in FY 2016, and projections for the coming financial year are $15 Mn (INR 100 Cr). It currently has a pan-India presence but is looking to target top 10-15 cities in India.
Giftxoxo further wants to leverage this partnership to adopt latest technologies at a faster pace and scale to new markets. Kushal added, “There’s a huge opportunity to organise the last-mile activity and experiences market. We’re building a marketplace model to address this opportunity and we believe this association will strengthen our efforts towards it.”
In June 2016, the company acqui-hired BookMyInterest – an online marketplace for hobbies and extra activities. In January 2016, it acquired Actizone, an online portal to discover extra-curricular activities, for an undisclosed amount.
Last year, Giftxoxo also acqui-hired Yipeedo, a recommendation engine that assists city dwellers to discover and book leisure activities.