As giving of gift cards as a gifting option becomes popular, startups start offering gift card solutions via multiple platforms with the aim to double or triple their GMVs this fiscal.
Giftcards India aims to double its GMV figures
While Accel Partners and Qwikcilver are on the route to cross Rs 6,500 crore GMV up from Rs 2,500 crore, Blume Ventures-backed Giftcards India is aiming to double its GMV figures for this fiscal.
“When we started off, there was no market for Giftcards in India and neither brands were offering them to consumers. Now it is about 2% of the Indian gifting market which is a $65billion opportunity,” said Pratap TP, co-founder at Qwikcilver.
Growth in Giftcards
Reasons for the growth of gift cards increase in adoption of gift cards in the digital format, increase in the value loaded on gift cards and improvement in its adoption.
“Adoption of Giftcards in the digital format with about 6365% of Giftcard volumes has moved to the digital form from the initial 2025% about a year back,” said Firoz Khan, CEO, GiftcardsIndia.
Value of money increases on Giftcards
The value of money loaded on the Giftcards has seen an increase to about Rs 6,500-7,000 on the B2C side and an average of Rs 10,000 on the B2B side. The value loaded on the Giftcards in travel and hospitality industry may range from 50,000 to 1 lakh.