Funding-lead

Mumbai-based GiftCardsIndia (GCI), a destination for gift cards online, has raised an undisclosed amount in funding led by Blume Ventures and Google India MD Rajan Anandan.

The company has also acquired Blume-backed and Mumbai-based gifting startup Giftery.

The company plans to use the funds to expand the team, develop new products and increase its reach.

“Independent of Giftery, we’ve known GCI, its impressive team and traction for some time. Through the acquisition of Giftery and our ability to further invest into the business, we are happy to partner with GCI,” said Karthik Reddy, Managing Partner, Blume Ventures.

Also Read: Snapdeal acquires gifts recommendation platform Wishpicker

Started in Feburary 2011, GCI first began as a single destination to purchase gift vouchers and certificates. Since then it has evolved its business to include products, technology and distribution in the prepaid vertical. GCI has also created a series of its own prepaid products.

Cory York, Chairman and Founder, GCI said, “We are very excited to work with Rajan from Google and the Blume team, especially Karthik. They have been some of the biggest supporters of startups in India. We will continue to press forward and build our footprint in the Indian market for the long run.”

GCI provides consumers with ways to shop and purchase prepaid products over the Internet, phone and other mobile devices. It claims to have partnered with over 300 brands.

Image Credits: isak55/ Shutterstock