04 October 2016, India :
Mahindra Holidays (MHRIL), India’s largest leisure hospitality provider, today announced that it has signed an agreement to acquire a 12% stake in Nreach.
“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 strategic decision to acquire a 12% stake in the Bengaluru based company which runs two brands, namely, Giftxoxo.com & Frogo.in, comes as a move to expand Mahindra Holiday’s offerings and increase their reach to over 2 lakh Club Mahindra members. The company, however, has not yet disclosed any financial details of the stake acquisition.
Commenting on the development, Sumit Khandelwal, Co-Founder, Giftxoxo & Frogo and Frogo.in said, “We are excited to partner with Mahindra Holidays to create and expand experience as a business in India and globally. Our strength and understanding of experience business coupled with strong brand name of Mahindra group will help us create a strong supply of curated experiences, build a robust and scalable technology platform and provide value to end customers. The vision of Giftxoxo to improve the lives of individuals with experiences and activities matches strongly with the business of Mahindra Holidays. We believe that this will create immense value for both entities and expand the outlook of leisure beyond movies, malls & restaurants.”
Giftxoxo, launched in 2012, offers over 5000 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 such as Microlight flying, Dolphin tours, camel ride on beach, city tours etc. to do in city or at a travel destination. Source- BW Online Bureau