US-based Swych acquires digital gifting platform Gift Cards India
Digital gifting platform Swych Inc. said it has acquired Mumbai-based GCI Network Pvt. Ltd, the company behind the GiftCardsIndia.in website, to expand operations in the country.
Texas, US-based Swych didn’t disclose the deal value in a press release.
“Digital gifting is an increasingly powerful engagement tool for retailers to attract consumers via offers, for consumers to gift their loved one a special moment, for businesses to reward employees, and as a redemption method for loyalty points and miles,” said Deepak Jain, Swych founder and chief executive. “Gift Cards India’s track record for all these use cases and innovation in the Indian market has been impressive.”
Gift Cards India operates an aggregation and distribution network for gift cards that serves retail consumers, enterprises, loyalty platforms and wallet operators. It claims to provide gift products from more than 250 brands.
The company was founded in 2011 by Firoz Hayath Khan and Cory York. It had raised around $500,000 from investors it hasn't disclosed.
GCI Network was 65% owned by Socialinked Digital Commerce Pvt. Ltd as of 31 March 2017, according to VCCEdge, the data research platform of VCCircle. Co-founder Khan held a 23.7% stake.
Its other minority shareholders include venture capital firm Blume Ventures and angel investors Rajan Anandan, managing director at Google India; Malur Narayan, vice-president, tech business unit, Tata Consultancy Services; and Hemant Kanakia, former partner at Columbia Capital. Blume owned a 1.1% stake in GCI Network while Anandan held 0.2% as of March 2017, according to VCCEdge.
In December 2014, GCI Network had raised $76,175 (Rs 47 lakh) from Blume Ventures and angel investors including Anandan, Narayan and Kanakia. At the same time, it announced the acquisition of social gifting venture Giftery for an undisclosed amount.
Swych was founded in 2015. It has a mobile gifting platform that enables users to send switchable gifts from their mobile devices that can be instantly redeemed for electronic gift cards from about 120 brands. It is a private company funded by angel investors.
Swych’s network includes retailers in the US, India, the UK and Australia. It plans to expand in Europe, West Asia, Canada, Japan, Colombia and the Philippines.