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US-based Swych acquires Mumbai-based Gift Cards India

US-based digital gifting company Swych, Inc has acquired Mumbai-based Gift Cards India (GCI Network Pvt. Ltd) for an undisclosed amount.

Swych’s has a mobile gifting platform that enables users to send ‘swychable’ gifts from their mobile device that can be instantly redeemed for electronic gift cards from about 120 brands. Swych users can instantly buy, send, re-gift, upload, Swych and redeem gift cards from their mobile devices.  With this acquisition, Swych will be able to expand in geographies like India. It said in a statement that Swych’s network now includes retailers in the United States, India, United Kingdom and Australia, and that it plans expansion in Europe, Middle East, Canada, Japan, Colombia and Philippines.

Founded in 2011 by Firoz Khan and Cory York, GCI offers gift cards across categories including consumers, enterprises, loyalty platforms and wallets.

Started in 2011by Firoz Khan and Cory York , GCI began selling gift vouchers and certificates. Since then the business has evolved to include products, technology and distribution in the prepaid vertical.  GCI now offers gift cards across categories including consumers, enterprises, loyalty platforms and wallets. Gift cards on the platform GiftCardsIndia understands its shoppers’ needs and caters to them with choice of gift cards from include brands Shoppers Stop, Lifestyle, Reliance, Big Bazaar, Titan, KFC, Book My Show, Amazon.in, Domino’s Pizza, etc. The company is backed by Blume Ventures and Google India managing director, Rajan Anandan.

Competition

Swych will compete with players like Amazon backed Qwikcilver which has a presence in India as well as global markets. Note that, Sodexo also launched a gift and rewards card called Premium Pass last year, targeted at employees of organisations.

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