{"id":78294,"date":"2026-11-05T18:26:57","date_gmt":"2026-11-05T12:56:57","guid":{"rendered":"https:\/\/newswiredelhi.com\/index.php\/2026\/11\/05\/gyftr-indias-gift-card-king-is-just-getting-started\/"},"modified":"2026-11-05T18:26:57","modified_gmt":"2026-11-05T12:56:57","slug":"gyftr-indias-gift-card-king-is-just-getting-started","status":"publish","type":"post","link":"https:\/\/newswiredelhi.com\/index.php\/2026\/11\/05\/gyftr-indias-gift-card-king-is-just-getting-started\/","title":{"rendered":"GYFTR: India\u2019s Gift Card King Is Just Getting Started"},"content":{"rendered":"
\n

New Delhi [India], November 5: <\/strong>When an Indian credit-card holder swaps reward points for a Swiggy, Amazon or Myntra voucher, GYFTR<\/strong> is often the company doing the work. It is India\u2019s largest digital gift voucher platform<\/strong>, and investors can now own it on the stock market. The shares jumped about 12% on 5 November 2026 to around \u20b9205<\/strong>, a new high for the year.<\/p>\n

A simple business<\/h4>\n

GYFTR<\/strong> buys gift vouchers from brands in bulk at a discount. It then sells them to shoppers, companies and banks, and keeps part of the discount as profit. Vouchers reach the customer in seconds by SMS, email or WhatsApp<\/strong>.<\/p>\n

Shoppers<\/strong>:<\/p>\n

55 lakh+ users<\/strong> buy vouchers at up to 40% off<\/strong>, with no fees.<\/p>\n

Companies<\/strong>:<\/p>\n

750+ firms<\/strong> use GYFTR for staff awards, dealer rewards and festive gifts.<\/p>\n

Banks<\/strong>:<\/p>\n

14 banks<\/strong>, including HDFC, SBI Card, Axis and PNB<\/strong>, run their reward points through GYFTR.<\/p>\n

It has 400+ brands<\/strong> on the platform. It also earns from brand advertising, its AI shopping assistant Ema<\/strong>, and vouchers that are never used.<\/p>\n

The numbers are taking off<\/h3>\n

FY26<\/strong> was the first full year of the voucher business. Revenue reached \u20b9396 crore<\/strong>, and profit after tax was \u20b921.8 crore<\/strong>. Debt fell from \u20b936 crore to just \u20b91.25 crore<\/strong>, and net worth rose 40% to \u20b9485 crore<\/strong>.<\/p>\n

The latest quarter, April to June 2026<\/strong>, was even stronger. Revenue was \u20b9155 crore<\/strong>, about 14 times<\/strong> the same quarter a year earlier. Consolidated profit was \u20b95.3 crore<\/strong>. At this pace, GYFTR is already running at more than \u20b9600 crore of revenue a year<\/strong>.<\/p>\n

\n\n\n\n\n
Revenue (\u20b9 crore)<\/th>\nQ1 FY26<\/th>\nQ2 FY26<\/th>\nQ3 FY26<\/th>\nQ4 FY26<\/th>\nQ1 FY27<\/th>\n<\/tr>\n
Standalone<\/strong><\/td>\n11<\/td>\n8<\/td>\n90<\/td>\n300<\/td>\n155<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

Much bigger than it looks<\/h3>\n

The listed company holds only part of the full GYFTR business so far. The wider group did about \u20b92,520 crore of revenue in FY26<\/strong>. The promoter has said the plan is to bring the entire business into the listed company. If that happens, revenue could be several times higher than it is today.<\/p>\n

Why we are bullish<\/h3>\n
    \n
  • Clear leader:<\/strong> about 60% of India\u2019s digital voucher market<\/strong>.<\/li>\n
  • New bank wins:<\/strong> a three-year deal with Punjab National Bank in August 2026<\/strong>, plus 27 more partners<\/strong> in the pipeline.<\/li>\n
  • Founders on board:<\/strong> Vouchagram founders Arvind Prabhakar and Puja Punj<\/strong> joined the board in August 2026<\/strong>.<\/li>\n
  • More to come:<\/strong> plans for 450+ brands<\/strong>, its own vouchers, ONDC and HR-software rewards<\/strong>.<\/li>\n
  • Strong tailwinds:<\/strong> India has about 300 million online shoppers<\/strong>, and companies are moving from physical gifts to digital vouchers.<\/li>\n
  • Next trigger:<\/strong> Q2 results on 13 November 2026<\/strong>, the first quarter with the PNB deal and festive demand.<\/li>\n<\/ul>\n

    Our view:<\/strong> GYFTR is the leader in a fast-growing market. It is profitable, almost debt-free, and has a much larger business still to come into the listed company. For investors who want to back India\u2019s digital rewards boom, GYFTR stands out.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    New Delhi [India], November 5: When an Indian credit-card holder swaps reward points for a Swiggy, Amazon or Myntra voucher, GYFTR is often the company doing the work. It is […]<\/p>\n","protected":false},"author":1,"featured_media":78295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_rishi_post_view_count":2},"categories":[4],"tags":[54],"class_list":["post-78294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business","rishi-post"],"rishi__cb_customizer_meta":"","comments_count":"0","_links":{"self":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/posts\/78294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/comments?post=78294"}],"version-history":[{"count":0,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/posts\/78294\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/media\/78295"}],"wp:attachment":[{"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/media?parent=78294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/categories?post=78294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newswiredelhi.com\/index.php\/wp-json\/wp\/v2\/tags?post=78294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}