New Delhi, Jan. 7 -- LKP Finance Ltd has acquired a stake in Vouchagram Pvt Ltd, in a bid to transition to a payments and rewards-oriented fintech from a non-bank lender. Vouchagram operates under the brand name Gyftr.
Mumbai-listed LKP Finance has also submitted an application to surrender its NBFC licence as a part of the transition, it said in a press note.
The transaction structure includes LKP Finance's acquisition of a 22% stake in Mufin Pay. Mufin, in turn, has acquired a 100% stake in Gyftr, the two companies said. Subsequently, LKP Finance will change its name to Gyftr.
The latest transaction intends to leverage Gyftr's expertise in digital gifting, incentives, and rewards, along with Mufin Pay's prepaid payment instrument licence-led payments infrastructure. Mufin Pay and Gyftr will consolidate as a result of the investment, and this will create a unified payments and digital rewards platform.
Gyftr is an enabler and aggregator of digital gift vouchers, gift cards, and micro mini payments for over 300 brands like Levis, Flipkart, Marks and Spencer, and Dominos among others.
The Mufin Group acquired a majority stake in LKP Finance in April 2025. LKP, which is listed on bourses, offers securities brokerage, investment banking, wealth management, mutual funds, and insurance to institutional investors, mutual fund managers, insurance companies, corporations, banks, and retail clients.
The gifting industry in India is estimated to be worth between $35-40 billion, and is expected to surpass $65 billion by 2030, according to the press note. Specifically, the corporate gifting market is expected to be worth Rs 12,000-15,000 crore, expanding at a strong rate of 18-20% per year due to collaborations, staff engagement programs, customer loyalty programs, and sales incentives.
"We are well positioned to establish a scalable, compliant financial platform that benefits both businesses and consumers. With this framework, we can boost engagement, open up new revenue streams, and build long-term value throughout the $40 billion ecosystem," Kapil Garg, managing director at LKP Finance, said in the note.
Published by HT Digital Content Services with permission from VC Circle.