On Thursday, GiftCardsIndia (GCI), an India-based online gifting company, announced the acquisition of “Giftery” a social gifting website based in Mumbai. This announcement comes with the news of the company raising a fresh round of capital from Blume Ventures and Rajan Anandan, Managing Director at Google India.
The new funds will be deployed in team building, product development and for expanding the company’s reach.
The company was found four years back by Firoz Khan, CEO at GCI Network, and Cory York, CEO and Co-Founder at Powerstores.
“We are very excited to work with Rajan from Google and the Blume team, especially Karthik. They have been some of the biggest supporters of startups in India. We will continue to press forward and build our footprint in the Indian market for the long run”. said Cory York.
The company has 20,000 point of sale B2B and B2C network and has sold over 250,000 pre-paid cards in 4 years totaling over USD 5 million in top line sales. And is targeting INR 100 Crores (USD 16 M in the next 2 years)
In a related news, Amazon India has been looking to acquire 20 percent stake in gift card technology and retail firm QwikCilver Solutions, which is into providing gift card business to retailers and online retailers like Shoppers Stop, PVR, Amazon, Lifestyle, Van Heusen, Flipkart, Westside etc.