Experiential rewards and recognition startup Giftxoxo has acqui-hired Bengaluru-based startup BookMyInterest, a marketplace for hobbies and leisure activities, in a cash-and-stock deal. This is the company’s second acqui-hire in eight months. In October 2015, Giftxoxo acqi-hired another city-based startup Yipeedo that helps Bengalureans discover and book leisure activities. Also in January 2016, it had acquired Actizone, an online portal to discover extra-curricular activities, for an undisclosed amount.
As part of the acquisition, BookMyInterest's Co-founders have received a few lakhs in cash and equity in Giftxoxo.
The startup is targeting a turnover of ₹100 crore in FY 2017. These experiential gifting options can also be booked from its location-based mobile app Frogo. Headquartered in Bengaluru, Giftxoxo has regional offices in New Delhi and Mumbai.
Founded in 2012 by Sumit Khandelwal, Manoj Aggarwal, Abhishek Kumar and Kushal Agrawal with a seed investment of Rs. 1.5 crore from an HNI, Giftxoxo is in talks for a Series A funding of $3-5 million, which it hopes to close in two weeks.
The company offers 4,000 gifting experiences in five categories — fine dining, health and wellness, adventure, hobbies and arts, and offbeat travel. Bangalore-based Nreach Online Services Pvt. Ltd, which runs Giftxoxo aims to leverage the customer base of BookMyInterest to enhance its current offering.
BookMyInterest which is owned and operated by MyInt Technologies Pvt Ltd., facilitates search of verified and rated service providers catering to various interests and hobbies. It has a vast database of activities and experiences including cooking classes, fitness programmes, dance classes, hikes and expeditions.
“We are in sync with the promoters of Giftxoxo and their approach towards understanding this market segment. Riding on their strong domain knowledge, we look forward to helping our customers choose the best activities and experiences. We believe that jointly we can improve the quality of offerings, the ability to grow and bring better efficiency to this unorganised market in India,” said Naveen M – Co-founder of BookMyInterest.