Giftxoxo, Indian online gifting platform based out of Bangalore, has acqui-hired BookMyInterest, online marketplace for services related to hobbies and extra activities. Once the acquisition formalities complete, a couple of team members from BookMyInterest will join the team at Giftxoxo.
With this development, Giftxoxo is looking to capitalize on the base of vendors which has been built by BookMyInterest overtime. BookMyInterest has a great presence in Bangalore in its core area of hobbies and other activities.
Speaking on the development, Manoj Aggarwal, CoFounder Giftxoxo said that the company has done a great job in the last couple of months. It has build great traction and trust from the users as well as the supply side. The experience and the user base will come in handy in the growth of Giftxoxo.
The beta web version of BookMyInterest was launched in February this year. Since the launch, it has emerged as one of the most reliable platform to look for hobbies and other related activities like dance classes, cooking classes, fitness programs etc.
At the same time, Giftxoxo was started in 2012 by Manoj Agarwal, Abhishek Kumar, Kushal Agarwal and Sumit Khandelwal. It currently provides 2 services, one of them being giftxoxo, the gifting platform and the other one being a mobile app called Frogo, which lets the users browse their surroundings for interesting places and make bookings.
The startup currently boasts of over 150 people in the team and it did INR 40 crores in revenue last year. In the coming financial year, it is targeting a 100% YoY growth to touch 100 crores in revenue. With a pan India presence, it is looking to strengthen the presence in top 20 cities of the country.
This is the second such development by the startup. Last year, it had acqui-hired Yipeedo, another online platform which lets people discover and make bookings for leisure activities around them. In January this year, it made another acquisition of Actizone, a platform to find out about extra-curricular activities.