Xoxoday secures Series C backing as it steps up international growth push

Xoxoday, a global rewards, incentives and loyalty technology company, has raised a Series C funding round backed by its existing investors Apis Partners and 57 Stars, as it moves into its next phase of international expansion.

The funding marks a milestone for the Bengaluru-headquartered company after a period of sustained growth through 2024 and 2025, during which it strengthened its position as a full-stack platform spanning customer loyalty, sales and channel incentives, and employee recognition and benefits.

Xoxoday said it now serves more than 5,000 enterprise clients worldwide and engages over 60 million users. The company operates through nine offices across North America, India and the Asia-Pacific region, and Europe, the Middle East and Africa, supporting a rewards catalogue that covers more than 100 countries.

According to the company, its platform processes close to 250,000 transactions a day and has facilitated cumulative gross merchandise value of about $1 billion. Management said the business has been growing profitably, a distinction at a time when many technology firms are prioritising cost control over expansion.

Chief executive Sumit Khandelwal said the latest funding reflected investor confidence in Xoxoday’s long-term strategy. “This Series C round reinforces our investors’ confidence in Xoxoday’s long-term vision,” he said, adding that the company believes it is well placed to scale globally on the back of strong enterprise adoption and an integrated platform.

Xoxoday plans to expand organically over the next two to three years while also exploring relevant acquisitions to deepen its presence in key markets. It is also adding distribution partners, resellers, technology integration partners and rewards fulfilment partners as it positions rewards and incentives as a revenue growth lever for enterprises.

The company is hiring across functions to support its growing international operations. Looking further ahead, Xoxoday said it is preparing for a potential initial public offering in late 2027 or early 2028, subject to market conditions.

Apis Partners said the investment reflected confidence in the company’s execution and capital efficiency. Nicholas Smalle, partner at Apis Partners, said Xoxoday’s focus on enterprise-grade solutions positioned it well for long-term value creation in the global rewards and loyalty market.