GyFTR

What GyFTR does

GyFTR, operated by Vouchagram India Private Limited, is a digital gift voucher marketplace founded in 2012 and headquartered in New Delhi, India. The platform enables consumers, businesses, and financial institutions to purchase, send, and redeem digital gift vouchers across 300+ brands spanning dining, e-commerce, electronics, entertainment, fashion, gaming, home, travel, and wellness categories. Vouchers are delivered instantly via SMS, email, or WhatsApp and redeemed online or in-store at discounts of 1-40% off face value. The platform supports multi-voucher stacking, partial payments, and brand wallet integration (Amazon, Myntra, Croma). An e-Pay loyalty wallet credits 0.5-2.0% of transaction value back to users as a 30-day redeemable currency, supporting repeat engagement.

The company's go-to-market operates across three primary channels: direct-to-consumer through gyftr.com and its mobile app; bank partnership integrations (HDFC SmartBuy, Axis Bank Gift EDGE, SBI Card, IndusInd Moments, AU Rewardz, Mobikwik) where vouchers are distributed through existing banking reward platforms; and B2B corporate gifting programs for employee rewards, client gifting, and channel partner incentives. Revenue is generated through marketplace commissions on voucher sales (the spread between discounted purchase price and face value), transaction processing fees, corporate gifting bulk sales, and bank partnership integration fees. Mufin Pay, a prepaid payment instrument (PPI) licensee, owns 100% of the operating business and provides regulated payments infrastructure.

In January 2026, LKP Finance (a BSE-listed NBFC) acquired a 22% stake in Mufin Pay, surrendered its NBFC license, and rebranded as GyFTR Ltd, completing a reverse merger that brought the entity onto both BSE and NSE under symbol GYFTR by July 2026. The combined entity reports consolidated PAT of approximately Rs 90-100 crore with zero debt and Rs 350 crore in bank balances, implying a market capitalization around Rs 1,340 crore. The platform continues to expand via bank-side integrations (most notably the February 2026 launch of AU Rewardz with AU Small Finance Bank) and curated D2C brand offerings under the BuzzingNow category.

Name

GyFTR

Legal name

Vouchagram India Pvt. Ltd.

Website

https://gyftr.com

Company type

Public

Founded year

2026

Operating status

Ipo

Headcount range

101–250 employees

Short description

GyFTR is an India-based digital gift voucher marketplace offering discounted vouchers from 300+ brands to consumers, corporate clients, and bank reward platforms, with instant digital delivery and an integrated e-Pay loyalty currency.

Ownership category

akta.pro rank

Product category

Digital Gift Vouchers Marketplace

akta.pro primary industry

Digital Goods & Gift Card Generalist Marketplaces (CRAFAAAJ)

akta.pro secondary industries

Price Comparison, Deals, Cashback & Loyalty Shopping Platforms (BPAMAGAH), Loyalty, Points Currency & Stored Value Payments (THALAHAK)

Keywords

• Digital gift vouchers
• Corporate gifting solutions
• Reward point redemption
• Brand voucher marketplace
• Loyalty rewards platform

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

Technology or R&D, Marketing or Sales, Personnel, Operations, Infrastructure

Revenue model

1. Gift Voucher Sales Commission: GyFTR earns commissions from brands for distributing their gift vouchers. The platform offers vouchers at discounted rates (1%-40% off face value), creating margin between purchase price and redemption value. Revenue is generated on each voucher transaction processed through the platform.
2. Transaction Processing Fees: Fees earned on processing gift voucher purchases, redemptions, and digital delivery services. The platform supports credit/debit cards, UPI, net banking, and digital wallets as payment methods.
3. Corporate Gifting Solutions: B2B revenue from providing corporate gift card programs for employee rewards, client acquisition, channel partner incentives, and customer promotions. Businesses purchase vouchers in bulk for gifting programs.
4. Bank Partnership Integration Fees: Revenue from integrating with bank reward platforms (HDFC SmartBuy, AU Rewardz, Axis Gift EDGE, etc.) where GyFTR vouchers are offered as redemption options or purchasable through banking apps.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

GyFTR operates an online marketplace for buying and selling instant digital gift vouchers across 300+ brands in India, delivering vouchers via SMS, email, or WhatsApp within minutes. Consumers purchase vouchers at discounts of 1%–40% off face value and earn e-Pay loyalty rewards (0.5%–2%) redeemable on future purchases. The platform also serves businesses with bulk corporate gifting solutions for employee rewards, client gifting, and channel partner incentives, and integrates with bank reward programs including HDFC SmartBuy, Axis Gift EDGE, SBI Card, and IndusInd Moments.

Product overview

GyFTR is a digital rewards and gifting platform operating as a marketplace for digital gift vouchers across 300+ brands in India. The core product consists of digital gift vouchers (delivered via SMS, email, or WhatsApp) with discounts up to 40%, supported by the e-Pay loyalty wallet system that provides additional reward points (0.5%-2%) on purchases. The platform serves both B2C consumers (via gyftr.com) and B2B enterprises (via corporate gifting solutions), with strategic integrations into bank rewards ecosystems (HDFC SmartBuy, Axis Bank Gift EDGE, SBI Card, IndusInd Moments) and partnerships like AU Rewardz with AU Small Finance Bank. The platform features brand-specific offerings across dining, fashion, electronics, gaming, wellness, and home categories, with a dedicated D2C brand section (BuzzingNow) showcasing emerging direct-to-consumer labels. GyFTR completed its public listing via reverse merger in July 2026, trading on both BSE and NSE under the symbol GYFTR.

Differentiator

Problem solved

Functional benefit

Products and services

• Digital Gift Vouchers Marketplace Core marketplace offering digital gift vouchers for 300+ brands across categories including dining, e-commerce, electronics, entertainment, fashion, gaming, gifting, home needs, travel, and wellness. Vouchers are delivered instantly via SMS, email, or WhatsApp and can be redeemed online or in-store at participating outlets at 1%-40% discounts off face value.
• Corporate Gifting Solutions B2B platform enabling businesses to purchase bulk digital gift vouchers for employee rewards, client acquisition, sales incentives, customer promotions, channel partner gifting, and festive gifting programs. Provides infrastructure for sourcing, fulfillment, and delivery of brand vouchers at scale with volume pricing and custom integration for large enterprises.
• AU Rewardz Unified Rewards Platform A unified rewards platform launched in partnership with AU Small Finance Bank, enabling AU Bank customers to earn and redeem points across shopping, travel, and utilities categories. Features flexible digital value rewards usable for vouchers, bill payments, and purchases, integrating GyFTR's digital gifting capabilities with AU Bank's customer base.
• BuzzingNow D2C Brands Collection Curated category showcasing trending direct-to-consumer brands available on GyFTR, including Beyoung, Blissclub, CAHOOT, Daily Objects, Foxtale, Freecultr, Nat Habit, Neemans, Nestasia, Superbottoms, The Man Company, Urban Space, and Zouk. Offers exclusive discounts ranging from 8% to 23% on D2C brand vouchers.

Quantifiable outcome

• Discounts ranging from 1% to 40% off on gift voucher face values across 300+ brands
• +3 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core, major and minor.

• AU Small Finance BankcoreStrategic or Co-development Partner · 17 February 2026GyFTR and AU Small Finance Bank jointly launched AU Rewardz, a unified rewards platform allowing customers to earn and redeem points across shopping, travel, and utilities. The platform features flexible digital value rewards usable for vouchers, bill payments, and purchases. This partnership integrates GyFTR's digital gifting capabilities with AU Bank's customer base.
• Mufin PaycoreTechnology or IntegrationGyFTR is fully owned by Mufin Pay (via Vouchagram Private Limited subsidiary). LKP Finance holds 22% stake in Mufin Pay. Mufin Pay provides the prepaid payment instrument (PPI) license enabling regulated digital payments infrastructure for the GyFTR platform. This integration consolidates prepaid payment capabilities with digital gifting operations.
• HDFC BankcoreGTM or Marketing PartnerGyFTR vouchers are offered through HDFC SmartBuy platform where cardholders can purchase brand vouchers earning up to 5X reward points or 5% cashback. HDFC Bank introduced separate monthly caps on brand voucher purchases through GyFTR and Woohoo from July 2026, limiting premium cardholders to 3,000 reward points on voucher purchases.
• Axis BankcoreGTM or Marketing PartnerAxis Bank Gift EDGE program offers GyFTR vouchers at up to 45% off plus 10% GyFTR Coins on purchases across 175+ brands. Cardholders access exclusive discounts through GyFTR platform integrated with Axis Bank systems.
• SBI CardmajorGTM or Marketing PartnerSBI Card partnership provides GyFTR voucher purchases at up to 35% off plus 5% GV Coins across 175+ brands. SBI credit card holders access discounted gift vouchers through GyFTR as part of card reward programs.
• IndusInd BankmajorGTM or Marketing PartnerIndusInd Moments program offers 10% off plus 10X reward points on instant GyFTR voucher purchases. Bank customers redeem points or purchase vouchers through the GyFTR platform.
• MobikwikminorGTM or Marketing PartnerMobikwik wallet integration allows users to purchase GyFTR vouchers with Mobikwik payments. Special cashback offers (up to Rs 300 on minimum transactions of Rs 1,499) promote cross-platform usage.
• WoohoominorChannel Partner/ Reseller/ DistributorWoohoo operates as an alternative gift voucher platform alongside GyFTR in HDFC SmartBuy. Both platforms compete for bank customer voucher purchases, each with separate monthly reward point caps.

Scale indicators8 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Xoxoday: Xoxoday is an India-headquartered SaaS rewards, recognition and gifting platform serving enterprise customers globally. It directly overlaps with GyFTR on corporate gifting and digital voucher distribution, with a heavier enterprise SaaS orientation.
• Happay: Happay is an Indian corporate expense management and employee rewards platform offering voucher-based incentives and gift card distributions. It overlaps with GyFTR on B2B employee rewards and corporate gifting workflows.
• Qwikcilver (Pine Labs): Qwikcilver, now part of Pine Labs, pioneered digital gift card issuance and distribution in India. It is a direct comparator on enterprise gift card programs, prepaid card issuance, and large brand voucher infrastructure.
• Vantage Circle: Vantage Circle is an Indian employee engagement and rewards platform offering vouchers, gift cards and recognition programs to corporate clients. It overlaps with GyFTR's B2B corporate gifting and employee reward use cases.
• Woohoo: Woohoo is an Indian digital gift voucher platform that competes head-to-head with GyFTR inside the same bank channels (notably HDFC SmartBuy), offering a comparable catalog of brand vouchers for B2C, B2B corporate and bank-rewards distribution.

Broad incumbents

• Amazon Pay (India): Amazon Pay distributes Amazon-branded gift cards and operates a broader digital wallet in India. It is a broad incumbent competing with GyFTR for consumer voucher demand and corporate gift card distribution.
• Flipkart (Gift Cards): Flipkart sells its own digital gift cards and is one of the most-trafficked brands in GyFTR's catalog. As a broad incumbent e-commerce platform it is both a supply partner and an indirect competitor for consumer gifting spend.
• Pine Labs: Pine Labs is a large Indian POS and merchant payments platform that also operates a gift card distribution business (via Qwikcilver). It is a broader incumbent with overlapping gift card capabilities but a much wider payments portfolio.
• Paytm (Gift Cards & Vouchers): Paytm operates a large digital wallet and consumer payments platform in India with its own gift card and voucher marketplace. It competes broadly with GyFTR for consumer digital voucher demand, particularly through Paytm wallet payment integrations.

Others

• Blackhawk Network: Blackhawk Network is a global gift card and payments network connecting brands to retailers and digital distribution. It is thematically adjacent to GyFTR's voucher distribution model and useful as a global benchmark for the digital gift card category.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/gyftrindia
• Facebookfacebook.com/GyFTRIndia
• LinkedInlinkedin.com/company/gyftr

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about GyFTR