GyFTR enables more than 130 brands to issue, accept and redeem vouchers and gift coupons
GyFTR (Vouchagram), which enables buying and selling of instant gift vouchers, is launching its services in Indonesia while planning to go live in Dubai soon. GyFTR has been producing, managing and powering gift voucher/ instant voucher/ coupon code/ point burn code for its 200-plus clients, covering around 10 top categories. Some of these include food and beverage, mobile and electronics, apparels and accessories, health and wellness, gifting, grocery and home needs, among others.
GyFTR, a 100% subsidiary of Vouchagram Singapore, was established in 2012. It is present at more than 50,000 point-of-sale terminals allowing 130-plus brands to issue and accept gift vouchers and redeem various bank loyalty points directly at the POS.
The firm has two sources of revenue: a commission from brands when they use the former’s ecosystem to sell a gift card. The other is the margin it keeps when the clients buy vouchers from its platform.
Arvind Prabhakar, founder & CEO, GyFTR, says the venture was a bi-product of no service or offerings available in the space for instant gratification in the mini-micro gifting space. For instance, loyalty was once a preferential treatment which involved rewards towards the end. Be it an airline loyalty programme or a consumer loyalty programme, it all depended on the accumulation of points and using them in the end for privileges or gift vouchers.
According to Prabhakar, there are four or five verticals which offer immense business opportunities. One of them is the employee R&R space. Most corporates today are willing to run structured employee R& R programmes. “Currently it is dominated by only a handful of international players. In India, this space is still at a nascent stage and expanding,” he says.
Consumer loyalty is also growing with increased spending power. However, except for banks, no other category has a structured loyalty programme. “The retail space is where we are expecting the next growth spurt to take place. We are expecting 150-200% growth on a year-on-year basis,” says Prabhakar.
Some of the popular brands it has associated with are Bata, Pizza Hut, Domino’s Pizza Online, KFC, Croma, Charles & Keith, PC Jewellers, Tanishq Titan, Talwalkar’s, Archie’s Gallery, Urban Ladder, Big Bazaar, MakeMyTrip, Harper’s Bazaar India, GQ, Lonely Planet, Goomo and Yatra.com. “On the client’s side, we have teamed up with the top five banks of the country and the top two global R&R companies, namely BI Worldwide and OC Tanner. Here the complete back-end work is managed and powered by us for the consumer programmes of large companies such as Dell. We are also managing and powering a plethora of e-commerce platforms such as PayTM and Amazon,” he says.