- **GYFTR Ltd. is a company that has been completely rebuilt - not just renamed. For nearly four decades it operated as LKP Finance Limited, an RBI-registered non-bank lender that traded in shares and securities. A change of control in 2025 handed the reins to a new promoter group, which obtained RBI approval for voluntary cancellation of its Certificate of Registration, sold off every legacy asset, and relaunched the business as a digital gifting, rewards, and payment aggregation platform. The recurring pattern is a clean break: the old management, the old name, the old subsidiary, the old office, and the old line of business were all exited, and the company entered its new life through a trademark licence from a related entity and an investment in a group payments firm.** # Business segments Two engines at an early stage - a digital gifting and loyalty platform that designs and runs reward programs for corporates, and a payment aggregation capability being built to process the transactions those programs generate. ## 1. Digital gifting and loyalty: the rewards engine corporates plug into **The company runs a platform that lets businesses issue branded gift cards, vouchers and rewards to their own customers and employees, handling everything from the technology to the fulfilment.** - **A platform, not a shop** - GYFTR develops and hosts the software, APIs and mobile applications that power digital rewards, e-gifting, loyalty systems, voucher issuance, redemption tracking and campaign management, so a corporate client gets a turnkey program rather than having to build one itself. - **Resells other brands’ value** - it acts as a reseller, distributor or agent of physical and digital vouchers and loyalty points on behalf of third-party brands, retailers, fintechs and service providers, which means it earns a margin on the stored value it distributes without carrying inventory risk on the underlying goods. - **Eight program types, one model** - the partnerships are structured as Channel Programs, Employee Rewards & Recognition, B2C, Retailer and Employee Rewards, Customer Engagement and Marketing, Employee Engagement, Corporate Gifting, and Whitelabel for Channel Partner Incentivization, showing the same platform serves sales incentives, HR recognition and consumer promotions under different labels. - **Early but real traction** - as of the fourth quarter of FY26, the company had 40 active signed and executed partnerships, with another 27 in the pipeline, giving a cumulative total of 67 partners that includes a gaming platform using GYFTR to incentivize players and a defence-sector client fulfilling offline orders. - **The brand is licensed, not owned** - the trade names “Gyftr”, “Vouchagram”, “Voucher World” and “MyGyFTR” are used under an annual licence from Vouchagram India Private Limited, a group company that buys and resells gift cards and vouchers, so the operating brand sits with a related party while the listed entity runs the platform. ## 2. Payment aggregation: the plumbing being laid under the platform **The company is building the ability to process, collect and settle digital payments across multiple instruments - the financial rails that turn a rewards platform into a closed-loop commerce system.** - **Merchant-side infrastructure** - as a Payment Aggregator, GYFTR acquires and onboards merchants, facilitates authorization, processing and settlement of transactions, and provides the technology, compliance and risk management that sit around those flows. - **Every instrument, one integration** - the service is designed to integrate credit and debit cards, prepaid instruments, UPI, net banking and wallets, so a merchant connects once and accepts whatever the end-user wants to pay with. - **Permission, not yet a licence** - this capability was authorized by shareholders in April 2026 through an alteration to the company’s Memorandum of Association, which explicitly added the payment aggregator business to its objects clause; the dossiers do not yet record an RBI authorisation for the activity. # Group structure and partners **The company sits inside a promoter group that already operates in fintech, lending and payments, and its new business is woven together through related-party licences and investments rather than organic build.** - **Control rests with a tech-oriented NBFC** - Hindon Mercantile Limited and its promoter Mr. Kapil Garg together hold 51.26% of GYFTR; Hindon itself is an RBI-registered NBFC that provides paperless financial services and start-up financing, with a net worth of Rs. 137.36 Crore as on 31st July, 2024. - **The promoter brings a fintech network** - Mr. Kapil Garg, a Chartered Accountant with over 18 years of experience, holds directorships across multiple group entities including Mufin Green Finance, Mufin Green Infra, Mufinpay Payment Solutions and Hindon Account Aggregation Services, creating a web of related companies in green lending, payments and data services. - **The payments arm is partly owned** - GYFTR invested Rs. 80 crore in Mufinpay Payment Solutions Private Limited in September 2025 for a 9.58% stake, and added a further 2.4 lakh shares in January 2026, making the group’s payment-solutions subsidiary also a portfolio investment of the listed company.