LKP Finance acquires stake in Gyftr, signals shift to digital payments and rewards platform

LKP Finance, a listed financial services company, has acquired a strategic stake in Gyftr (Vouchagram Private), marking a significant move from its traditional NBFC-led model toward a platform-driven fintech ecosystem focused on payments, rewards, and transaction-led services.

As part of the transition, LKP Finance has applied to surrender its NBFC licence, signaling its intention to focus on scalable fintech operations.

The deal includes LKP Finance’s 22% stake in Mufin Pay and Mufin Pay’s 100% ownership of Gyftr, enabling operational integration across payments and digital rewards.

A licensing application to align LKP Finance’s branding with Gyftr’s platform is also underway.

The combined platform aims to tap into India’s growing loyalty and rewards market, currently valued at $35–40 billion and projected to surpass $65 billion by 2030, driven by enterprise incentives, BFSI-led rewards, and increasing digital adoption.

Speaking on the transaction, Arvind Prabhakar, CEO of Gyftr, said the investment “validates Gyftr's vision of building digital rewards infrastructure” and will allow rewards to become “an essential component of regular financial and business processes rather than just a promotional tool.”

Kapil Garg, Promoter Managing Director of LKP Finance, added that the integration “creates a powerful synergy promoting high-frequency digital reward use cases and regulated payment rails,” enabling the combined platform to scale, engage consumers, and explore new revenue streams.

The corporate gifting and digital rewards market in India is expanding rapidly, with estimates suggesting a market size of ₹12,000–15,000 crore and annual growth of 18–20%.

Digital gifting is evolving from seasonal promotions to strategic engagement tools that can be linked to payments, loyalty programs, and employee incentives.

Through this acquisition, Gyftr’s digital gift cards and incentive systems will integrate with Mufin Pay’s licensed payment infrastructure, potentially creating programmable value instruments usable across employee benefits, customer loyalty, and enterprise incentives.