Mahindra Holidays acquires 12% stake in Giftxoxo & Frogo
Mahindra Holidays in an investment agreement has acquired 12% stake in Nreach Online Services Pvt Ltd which runs two brands – Giftxoxo.com and Frogo.
"We are excited to partner with ‘Giftxoxo’ as a strategic investor. This will enable us to expand our offerings of unique and memorable experiences, specially curated, for our 2 lakh Club Mahindra members. Our ‘Club’ members will now have more opportunities to bond with their families not only at our 46 resorts in India and abroad but also in their hometowns, year-round”, said Managing Director & CEO, MHRIL, Kavinder Singh
The company, however, has not yet disclosed any financial details of the stake acquisition.
“We have built a fundamental business based on a strong value proposition to all our stakeholders. This philosophy matches with Mahindra group’s ideals of creating a sustainable value business. We want to leverage this partnership and reach greater heights of business in India and abroad. I would like to thank Dinesh Rai, MD, Premoid Global Capital Advisors Pvt. Ltd., our financial advisor and Crawford Bayley & Co., our legal advisor for this partnership. I would also like to thank my family, friends, the entire team at Giftxoxo and our customers who have relentlessly stood by us on our journey and helped us grow with each passing year.”, said Manoj Agarwal, Co-Founder of Giftxoxo & Frogo and Frogo.in.
Giftxoxo, launched in 2012, offers experiences across categories such as adventure, wellness, fine-dining, hobbies & workshops and philanthropy. It also offers a SaaS enabled platform for Rewards & Recognitions to corporates. It’s consumer brand, Frogo helps users discover and book activities, experiences and things to do.
Giftxoxo & Frogo have been growing steadily over the past four years and now caters to over 700 clients across India and around the world. The company has also won prestigious awards such as, best Mobile App Award at GMASA 2016, CNBC Young Turks, Future of India Award 2016 and People Matters HR Spotlight Award 2016.