Giftxoxo announces 1st round of funding
Giftxoxo.com, one of the fastest growing gifting companies today announced its1st round of funding. Kshatriya Ventures, an angel investor group has invested in the company and also gets a representation on the board.
Sumit Khandelwal, co-founder of Giftxoxo.com said, “We are excited to complete the first round of funding, which would fuel our growth plans, and help us launch some unique gifting propositions in the Indian market. The money raised in this round will be invested in launching some exciting products tailored to the Rs 10,000 Cr India gifting market and in expanding to other cities like Mumbai, NCR and Kolkata”
Manoj Agarwal, co-founder of Giftxoxo said, “Our focus has been in the B2B space and would continue to be the same for next few months. This has worked really well for us so far giving us a control in costs and building a niche in the large B2B gifting space. We are trying to bring a choice and flexibility to the consumers and making the process a joyful one for both the giver and receiver of gifts.”
“The B2B gifting industry is largely unorganized and lacks innovation and processes. We are putting efforts to bring some innovative gifting solutions. This has been made possible by the good technology platform, backed by highly competent front-end and back-end operations.” said Abhishek, one of the three co-founders.
Giftxoxo.com, one of India’s fastest growing gifting companieswas started in April 2012 by Manoj Agarwal, Sumit Khandelwal and Abhishek Kumar. Since October 2012, it has grown rapidly with the introduction of a quality website backed up with strong technology which is a rarity in the current B2B landscape. Giftxoxois a gifting consultant providing end to end gifting solutions to individuals and corporates with features like gift planning, budgeting, customization, personalization, packaging, delivery and tracking. Today, the company provides more than 10,000 products from over 20 categories like gift vouchers, electronics, apparels, flowers, cakes, chocolates, home & kitchen appliances, stationery, arts & crafts etc. In addition to these, Giftxoxo will soon be launchinga one of its kind gifting product in India based on some highly successful models in countries like Europe, US, Singapore, Hong Kong, Australia etc.
Giftxoxo currently works with over 150 corporate clients and institutions across India. Some of their clients includes Bayer, Allergan, Lufthansa, Tata Docomo, Cisco, Mahindra & Mahindra, SAP, Cadbury, Godrej, Siemens, Flipkart, Inmobi, Manipal Education and Medical Group, GE, 3M, Aviva, Aircel and more.
About the investors:
Kshatriya Ventures is an early investment firm led by Naveen Kshatriya and Gautam Kshatriya. Naveen Kshatriya, Former head of Castrol , Asia and MD of Castrol India Ltd is presently an advisor at ASK Pravi Capital. A graduate from IIT Kharagpur, his areas of specialization are Strategy, Marketing, Sales and Distribution.
Gautam Kshatriya, an ex CEO of Moneyvidya.com is presently the Director at Nivalink. His areas of specialization are Strategy, Commercial Due Diligence, Design and Startup Operations.
Kshtriya Ventures has invested in companies like First Energy, Nivalink.com, MotorExpert.in and Carkhana.com.