Online gifting startup Giftxoxo raises angel funding from Kshatriya Ventures
Bangalore-based Nreach Online Services Pvt Ltd, which owns and operates online gifting platform Giftxoxo.com, has raised an undisclosed amount in angel funding from Mumbai-based Kshatriya Ventures. As part of the funding, Naveen and Gautam Kshatriya from Kshatriya ventures will join the board of the company. The funds will be used to expand the company’s operations in Delhi and Mumbai, as well as for hiring talent.
The development was first reported by Nextbigwhat.
“We will also enter the corporate gifting space by introducing ‘intangible gifting’—also called experience gifting—which is basically gifting someone a dinner on a yacht, a paragliding experience, etc,” said Sumit Khandelwal, co-founder, Giftxoxo.
The startup was founded by Khandelwal, Manoj Agarwal, and Abhishek Kumar in April 2012. Khandelwal holds an MBA degree from TA Pai Management Institute, Manipal, and has worked at companies like Hexaware, Wipro Consumer Care and Metro. Agarwal is an MBA graduate from IIM Kozhikode and prior to joining Giftxoxo, he had started Tawa, a restaurant in Bangalore. Kumar, an alumnus of IIT Bombay, has also co-founded Evening Flavors, an e-commerce portal. In addition to Bangalore, the company has offices in Delhi, Mumbai, Raipur, Kolkata and Jamshedpur; its team size 25.
Giftxoxo enables both personal (business to consumer) as well as corporate (business to business) gifting and claims to have around 150 clients across India. One can also send gifts from India to other countries, using the site. It claims to have about 200 brands on the site across categories like office supplies, apparel, electronic items, trophies, chocolates, greeting, watch, gift vouchers, cakes, home appliances, mementoes, kids gifts, etc., from brands like Jabong, MakeMyTrip, Domino’s, Lifestyle and Calvin Klein.
The startup also offers customised gifting solutions (where it suggest gifts according to the requirement). Its corporate clientele includes Aircel, Aviva, Cisco, HDFC, Inmobi, Lenovo, Mahindra & Mahindra, Nielsen, Tata Docomo, Titan, OnMobile, Wipro and Tata Steel.
Of late, new players have been entering the online gifting space. The startup competes with Giveter, Giftbig, Indiangiftsportal, Gifts2India, BuddyGifting, Wishpicker, Giftology, Social Buddies and Badhai.
(Edited by Joby Puthuparampil Johnson)
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Kshatriya Ventures LLP is an angel firm. The firm provides early stage capital to the companies operating in India. It typically invests between $0.02 million to $0.96 million). The company was founded in 2013 and is based in Mumbai, Maharashtra.