Giift, a global provider of loyalty management solutions backed by Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, announced on Wednesday that it has invested $30 million (Rs 225 crore) in Xoxoday, a Bengaluru-based fintech startup in the rewards, incentives, and payout space.
Almost a decade ago, the four founders — Sumit Khandelwal, Manoj Agarwal, Abhishek Kumar, and Kushal Agrawal — set out on their entrepreneurial journey with the goal of employing technology to solve the everyday challenge of human motivation. They redesigned how rewards, incentives, and payouts should function through branded currency using a first-principles methodology. Xoxoday’s technology now enables rewards and incentives to be incorporated and integrated into the flow of work across the value chain.
The financing will be used to drive the startup’s next stage of expansion in international markets and to enhance the technology infrastructure required to support the next billion customers.