Gifting platform Giftxoxo has raised angel funding from Kshatriya ventures and has plans to launch its services in other cities. The funding was closed in May, said the startup which did not disclose details.
The Bangalore based startup has plans to expand in Mumbai and Delhi, Manoj Agarwal, Co-Founder, Giftxoxo told NextBigWhat. The corporate gifting market on which the company focuses, is estimated to be about Rs 12,000 cr in size and the overall gifting market in India is about Rs 1.5 lakh cr.
The startup is planning an experience gifting product in Karnataka soon. How are they different from others? In Agarwal’s words: We would be the first company in India which is making it big in gifting an ‘experience’ on the parallels of some very successful models in US, Europe and Singapore.
Giftxoxo started operations in April 2012 and has more than 150 clients including Aircel, Cisco, Flipkart, OnMobile and Wipro. We like the fact that they have cracked a lot of corporate clients. But this is a very competitive play. There are thousands of offline vendors, ever ready to cut prices on products. Agarwal says that the company works more like gifting consultants than vendors.
There is quite a bit of competition out there in the online consumer space as well. From recently launched Wishpicker to Giveter, which provides you with gifting recommendations for relevant gifts based on recipient’s profile, Giftology, a free social gifting service, Social Buddies , Badhai.in and GiftBig there are many players out there for a piece of action.