NEW YORK – Swych, Inc., a mobile gifting platform, has acquired the Indian company Gift Cards India (GCI Network Pvt. Ltd), according to a press release.
Swych was founded in 2015 by Indian American Deepak Jain and claims to be the world’s first global gifting network.
Gift Cards India was founded in 2011 by Firoz Khan and Cory York and has successfully operated a robust aggregation and distribution network for gift cards and has been serving millions of consumers, enterprises, loyalty platforms and wallet operators in the Indian market.
GCI has become famous for providing consumers and businesses with a reliable, efficient and high-quality source of the widest selection of gift products from over 250 of the top brands in India, thus with its acquisition, Swych will be extending its leadership position as the only connected digital global network making gifting truly borderless between consumers who might be thousands of miles apart.
The unique power of the Swych digital gifting technology combined with GCI’s South Asia expertise and established partnerships will also bring borderless digital gifting to businesses, digital wallets, loyalty platforms, financial institutions and others wherein the recipient of a gift can “Swych” it to spend it at their favorite brand across a global catalog.
“Digital gifting is an increasingly powerful engagement tool for retailers to attract consumers via offers, for consumers to gift their loved one on a special moment, for businesses to reward employees, and as a redemption method for loyalty points and miles. GCI’s track record for all these use cases and innovation in the Indian market has been impressive,” Jain, founder and CEO of Swych, stated in a press release.
“By integrating GCI’s presence and expertise with the powerful Swych platform, we aim to greatly accelerate our mission of becoming a truly global digital gifting powerhouse,” he added.
“The synergy between GCI Network and Swych further supports the mission of bringing borderless gifting services to consumers across multiple markets. We now provide even greater options, brands and flexibility of delivery to our customer base,” Khan, founder and CEO of the GCI Network, stated in a press release.
Swych continues to add innovative services and features to delight customers and remains committed to continued innovative offerings via an ever expanding global coverage and technology advancements in fraud management, artificial intelligence, bots and data analytics.
The network now features retailers in the United States, India, United Kingdom and Australia, with planned expansion to include popular retailers in Europe, Middle East, Canada, Japan, Colombia and Philippines.