Mahindra Holidays Finalizes 12% Acquisition of Bengaluru Based Giftxoxo and Frogo
Giftxoxo & Frogo have been growing steadily over the past four years and now caters to over 700 clients across India and around the world.
Leading experiences, activities and rewards platform, Nreach Online Services Pvt. Ltd., said today that it has signed an agreement of investment with India’s largest leisure hospitality provider, Mahindra Holidays.
The strategic decision to acquire a 12 per cent stake in the Bengaluru based company which runs two brands, namely, Giftxoxo.com & Frogo.in, comes as a move to expand Mahindra Holiday’s offerings and increase their reach to over 2 lakh Club Mahindra members. The company, however, has not yet disclosed any financial details of the stake acquisition.
Commenting on the development, Sumit Khandelwal, Co-Founder, Giftxoxo & Frogo and Frogo.in said, “We are excited to partner with Mahindra Holidays to create and expand experience as a business in India and globally. Our strength and understanding of experience business coupled with 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. The vision of Giftxoxo to improve the lives of individuals with experiences and activities matches strongly with the business of Mahindra Holidays. We believe that this will create immense value for both entities and expand the outlook of leisure beyond movies, malls & restaurants.”
“We have built a fundamental business based on a strong value proposition to all our stakeholders. This philosophy matches with Mahindra group’s ideals of creating a sustainable value business. We want to leverage this partnership and reach greater heights of business in India and abroad. I would like to thank Dinesh Rai, MD, Premoid Global Capital Advisors Pvt. Ltd., our financial advisor and Crawford Bayley & Co., our legal advisor for this partnership. I would also like to thank my family, friends, the entire team at Giftxoxo and our customers who have relentlessly stood by us on our journey and helped us grow with each passing year.”, said Manoj Agarwal, Co-Founder of Giftxoxo & Frogo and Frogo.in.
Adding to this, Abhishek Kumar, Co-Founder, Giftxoxo & Frogo also stated, “This is a great value add to the Giftxoxo family to get associated with the Mahindra Group. We being a nascent and agile organization expect to get a boost up from the expertise and experience of the Mahindra Group. This will also help us adopt to latest technologies at a faster pace and scale to new markets. We welcome their investment, and appreciate the confidence they’ve expressed in our brand, distinguished offering, idealistic leadership and strong growth opportunities.” Speaking on the same, Kushal Agarwal, Co-Founder of Gitfxoxo & Frogo said, "There's a huge opportunity to organize 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."
“We are excited to partner with ‘Giftxoxo’ as a strategic investor. This will enable us to expand our offerings of unique and memorable experiences, specially curated, for our 2 lakh Club Mahindra members. Our ‘Club’ members will now have more opportunities to bond with their families not only at our 46 resorts in India and abroad but also in their hometowns, year-round”, said Managing Director & CEO, MHRIL, Kavinder Singh.
Giftxoxo, launched in 2012, offers over 5000 experiences across categories such as adventure, wellness, fine-dining, hobbies & workshops and philanthropy. It also offers a SaaS enabled platform for Rewards & Recognitions to corporates. It’s 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 city or at a travel destination.
Talking about the venture, Naveen Kshatriya, Managing Partner of Kshatriya Ventures said, “We have seen great focus and passion for and learning amongst the founders of GiftXOXO. In conjunction with a unique business model and outstanding customer focus we have seen them grow this business from strength to strength. We are glad that their hard work and robust business acumen have led to these results. We believe that there are significant synergies in Giftxoxo and Mahindra holidays’ businesses. We are sure that the coming together of both parties will create a greater value for all stakeholders. Mahindra group is one of the most credible names in the businesses and can bring immense financial and strategic strengths to the business.”
Giftxoxo & Frogo have been growing steadily over the past four years and now caters to over 700 clients across India and around the world. The company has also won prestigious awards such as, best Mobile App Award at GMASA 2016, CNBC Young Turks, Future of India Award 2016 and People Matters HR Spotlight Award 2016.
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