GiftCardsIndia
GCI first began as a single destination to purchase gift vouchers.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
N/A | Acquisition | ||
| Total Funding | 000k | ||
GCI Network operates as a significant aggregator and multi-channel distributor of gift cards in India, connecting retailers with both corporate and individual customers. Founded in 2010 by Cory York and Firoz Khan, the Mumbai-based company established itself as an online portal for gift vouchers. Firoz Khan, leveraging his extensive background in e-commerce and retail from his time at Rediff.com and Future Group, identified a gap in the market for a focused gift card platform. His experience, including launching India's first cash-on-delivery service with Rediff.com, was instrumental in shaping the company's strategy.
The business operates by taking a percentage of sales from each transaction within its network. It provides a comprehensive solution for both consumers looking for gifting options and for businesses seeking to distribute gift cards to customers and employees. The platform aggregates physical and digital gift vouchers from over 250 brands across various sectors like electronics, apparel, and hospitality, including major names like Flipkart, Shoppers Stop, and Big Bazaar. The company's product range starts from Rs 500 up to Rs 50,000, with options for instant digital delivery.
A key milestone for GiftCardsIndia was the acquisition of the social gifting website Giftery in December 2014, which expanded its capabilities. The company demonstrated considerable growth, reporting sales of over 250,000 prepaid cards, amounting to INR 30 Crores, within its first four years. In a significant development for its future, GiftCardsIndia was acquired by the US-based digital gifting and payments company Swych in May 2018. This acquisition was aimed at expanding Swych's international footprint into the Indian market. Keywords: GiftCardsIndia, GCI Network, gift cards, gift vouchers, prepaid cards, digital gifting, e-commerce, Firoz Khan, Cory York, online retail, corporate gifting, Swych, Indian gifting market, gift card aggregator, B2B gifting, B2C gifting, retail vouchers, online shopping portal, Giftery, digital distribution