MUMBAI: Financial services firm LKP Finance Ltd has acquired a strategic stake in digital gifting and rewards platform Gyftr (Vouchagram Private Limited), marking a decisive shift in its business model from a traditional NBFC-led structure to a platform-driven fintech focused on payments and rewards.
As part of the strategic realignment, LKP Finance has applied to surrender its NBFC licence, signalling its intent to pivot towards scalable, transaction-led fintech businesses. The transaction structure involves LKP Finance holding a 22% stake in Mufin Pay, which in turn owns 100% of Gyftr, enabling deeper operational and product integration across the group.
A licensing agreement for LKP Finance’s proposed name change to Gyftr is currently under process, aligning the listed entity’s branding with its payments and rewards platform strategy.
The deal is part of a broader strategic relationship under which LKP Finance holds a significant stake in Mufin Pay, strengthening the financial and governance backing of the combined platform. Gyftr’s digital gifting, incentives and rewards capabilities will be integrated with Mufin Pay’s prepaid payment instrument (PPI) licence-led payments infrastructure. As a result of the investment, Mufin Pay and Gyftr will consolidate, creating a unified payments and digital rewards platform.
India’s gifting industry has rapidly evolved into a large, organised and increasingly digital market, driven by higher digital adoption, enterprise-led incentives and changing consumer behaviour. Valued at an estimated $35–40 billion, the industry is projected to cross $65 billion by 2030. More than 150 million e-gift cards were issued in the past year, underlining strong demand across retail, financial services and enterprise use cases.
Commenting on the transaction, Arvind Prabhakar, CEO, Gyftr, said the investment validates the company’s long-term vision of building category-defining digital rewards infrastructure. “By combining regulated payments capacity with Gyftr’s gifting and incentive scale, we can position rewards as a core component of everyday financial and business processes rather than just a promotional tool,” he said.
Kapil Garg, Promoter and Managing Director, LKP Finance, said the integration would enable high-frequency digital reward use cases on regulated payment rails. “This positions us to build a scalable and compliant financial platform, unlock new revenue streams and create long-term value across the $40-billion ecosystem,” he added.
The corporate gifting market, estimated at Rs 12,000–15,000 crore, is growing at 18–20% annually, driven by employee engagement initiatives, customer loyalty programmes and sales incentives. Gifting is increasingly shifting from a seasonal activity to a strategic, trackable and compliant engagement tool across industries.