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Business Economy

Cracking Tough Markets, Xoxoday Achieves a 3X Growth Organically

BENGALURU, Dec. 10, 2019 /PRNewswire/ -- Xoxoday, a Bengaluru-based SaaS company, grew their revenues by 300% this year while generating a whopping Rs. 300-350 crores annualised GMV, at a close-to-zero burn rate. Xoxoday products help organisations launch reward and incentive programs in under 60 minutes that otherwise takes about 2-3 months to implement. Despite innumerous reward tech offerings in the market, many organisations still struggle to execute their reward and incentive programs efficiently. Xoxoday addresses these gaps using campaign rule engines and powerful integrations with organisational information systems like HRMS or CRMs.

Xoxoday was founded back in 2012 and they currently offer three SaaS solutions: Empuls as an employee engagement solution, Compass as a channel incentive solution and Plum as a marketing reward management solution. Xoxoday products are used by over 1 million users across 1000 enterprises world-wide. Marquee brands like Allstate, MakeMyTrip, Oyo Rooms, Flipkart, Cargill, Infosys, AT&T, are some of their clients.

This year also marked the opening of their new offices in UAE, Philippines, UK, USA, Singapore and Australia. These international markets have contributed close to 25% of their business. Interestingly, all of this growth was achieved with primarily about 4 crores of total equity capital - thus establishing one of the highest capital efficiencies in the industry.

Their co-founder and Chief of Strategy, Kushal Agarwal, says, "Every company needs rewards and incentives in one or the other form - be it for employees, sales teams, channel partners or consumers. This need in itself, speaks of the size of the market - estimated to be half a trillion dollars globally. Currently, companies flush a lot of time, energy and money to manage rewarding. Xoxoday aims to solve this problem with its one-of-a-kind technology - that too, in just under 60 minutes."

The company has lately been focussing on acquiring business from Tech, BFSI and FMCG industries. They recently on-boarded a $20 million single enterprise client from the Middle East. They are poised to further grow 10 to 15 times in the next 3 to 4 years through international expansion and further market penetration. They are in discussions with a few investors to raise growth capital and have appointed Indium Capital to manage the mandate.

About Xoxoday:

Xoxoday offers SaaS products to solve problems around employee rewards and recognition, channel sales incentives and consumer promotions. Their products are used by HR leaders, channel managers and brand marketers across 1000+ global companies. Xoxoday is currently operational in Australia, India, Philippines, Singapore, UAE, UK and USA. They have been recognised as 'a top 100 SME by Govt. of India', 'Best Tech-HR platform by People Matters', 'Top 50 Fastest Growing Tech-companies by Deloitte' and 'Top 10 SaaS startups by Oracle'.
(Disclaimer--Features may vary depending on the regions; subject to change without notice.)
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