. has acquired a strategic stake in digital gifting platform Gyftr as part of a shift from its traditional non-banking financial company model to a payments and rewards-focused fintech platform. The company announced Wednesday it has applied to surrender its NBFC license.
The transaction leverages LKP Finance’s existing 22 per cent stake in Mufin Pay, which owns 100 per cent of Gyftr (Vouchagram Private Limited). This structure enables operational integration across the payments and rewards ecosystem. LKP Finance is also pursuing a name change to Gyftr, with a licensing agreement currently in process.
The move positions the combined entity to compete in India’s loyalty and rewards market, currently valued at $35-40 billion and expected to exceed $65 billion by 2030. Digital gifting has emerged as a significant growth driver, with over 150 million e-gift cards issued in the past year.
Mufin Pay’s prepaid payment instrument license will serve as the regulated payments infrastructure, while Gyftr brings expertise in digital gifting, incentives, and rewards across over 300 brands. The platforms will consolidate to create a unified payments and digital rewards offering.
The corporate gifting segment alone, estimated at ₹12,000-15,000 crore, is growing at 18-20 per cent annually, driven by employee engagement programs, customer loyalty initiatives, and sales incentives. The integration aims to transform rewards from promotional tools into core components of business and financial processes.