Divya Agarwal
New Delhi [India], November 5: When an Indian credit-card holder swaps reward points for a Swiggy, Amazon or Myntra voucher, GYFTR is often the company doing the work. It is India’s largest digital gift voucher platform, and investors can now own it on the stock market. The shares jumped about 12% on 5 November 2026 to around ₹205, a new high for the year.
A simple business
GYFTR buys gift vouchers from brands in bulk at a discount. It then sells them to shoppers, companies and banks, and keeps part of the discount as profit. Vouchers reach the customer in seconds by SMS, email or WhatsApp.
Shoppers:
55 lakh+ users buy vouchers at up to 40% off, with no fees.
Companies:
750+ firms use GYFTR for staff awards, dealer rewards and festive gifts.
Banks:
14 banks, including HDFC, SBI Card, Axis and PNB, run their reward points through GYFTR.
It has 400+ brands on the platform. It also earns from brand advertising, its AI shopping assistant Ema, and vouchers that are never used.
The numbers are taking off
FY26 was the first full year of the voucher business. Revenue reached ₹396 crore, and profit after tax was ₹21.8 crore. Debt fell from ₹36 crore to just ₹1.25 crore, and net worth rose 40% to ₹485 crore.
The latest quarter, April to June 2026, was even stronger. Revenue was ₹155 crore, about 14 times the same quarter a year earlier. Consolidated profit was ₹5.3 crore. At this pace, GYFTR is already running at more than ₹600 crore of revenue a year.
| Revenue (₹ crore) | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Standalone | 11 | 8 | 90 | 300 | 155 |
Much bigger than it looks
The listed company holds only part of the full GYFTR business so far. The wider group did about ₹2,520 crore of revenue in FY26. The promoter has said the plan is to bring the entire business into the listed company. If that happens, revenue could be several times higher than it is today.
Why we are bullish
- Clear leader: about 60% of India’s digital voucher market.
- New bank wins: a three-year deal with Punjab National Bank in August 2026, plus 27 more partners in the pipeline.
- Founders on board: Vouchagram founders Arvind Prabhakar and Puja Punj joined the board in August 2026.
- More to come: plans for 450+ brands, its own vouchers, ONDC and HR-software rewards.
- Strong tailwinds: India has about 300 million online shoppers, and companies are moving from physical gifts to digital vouchers.
- Next trigger: Q2 results on 13 November 2026, the first quarter with the PNB deal and festive demand.
Our view: GYFTR is the leader in a fast-growing market. It is profitable, almost debt-free, and has a much larger business still to come into the listed company. For investors who want to back India’s digital rewards boom, GYFTR stands out.
