Giftxoxo acqui-hires online hobby platform BookMyInterest
Bangalore-based Nreach Online Services Pvt. Ltd, which runs online gifting platform Giftxoxo has acqui-hired BookMyInterest, a marketplace for hobbies and leisure activities.
Giftxoxo aims to leverage the customer base of BookMyInterest to enhance its current offering, according to a company statement.
Acqui-hire refers to the buyout of a company primarily for the skills and expertise of its staff, rather than for its products or services.
Bangalore-based MyInt Technologies Pvt Ltd, which runs BookMyInterest, 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.
"Curated experiences and activities make up a large market in India. On meeting Naveen and his team, we realised that they share the same passion as us to make this sector more vibrant and enhance consumer choice," said Manoj Aggarwal, co-founder, Giftxoxo. "We are certain that the two brands are a perfect synergistic match and that together we can strengthen our position in the market and serve our customers better."
Giftxoxo was founded in April 2012 by Sumit Khandelwal, Manoj Aggarwal, Abhishek Kumar and Kushal Agrawal. Khandelwal holds an MBA degree from TA Pai Management Institute, Manipal, and has worked with companies such as Hexaware, Wipro Consumer Care and Metro. Manoj Aggarwal is an MBA graduate from IIM Kozhikode and had started Tawa, a restaurant in Bangalore, before joining Giftxoxo. Kumar, who also co-founded e-commerce portal Evening Flavors, is an IIT Bombay alumnus while Kushal Agarwal studied at Pune's Vishwakarma Institute of Technology.
In 2013, Giftxoxo had raised an undisclosed amount in angel funding from Mumbai-based Kshatriya Ventures.
In October last year, Giftxoxo had acqui-hired Yipeedo, a recommendation engine that assists city dwellers to discover and book leisure activities.
In January 2016, it had acquired Actizone, an online portal to discover extra-curricular activities, for an undisclosed amount.
Like this report? Sign up for our daily newsletter to get our top reports.