Delivering 4.3X return in less than 2yrs!!!
COSTA MESA, Calif., Dec. 10, 2018,/PRNewswire/ — CerraCap announces that they have successfully completed the exit of their Fund 1 portfolio company Swych Inc. Swych is the digital gifting and exchange platform built on an advanced machine learning base. This was a strategic investment that resulted in 4.3X return in less than 2yrs!!!
CerraCap’s stake was bought by one of the largest brands in money transfer, currency exchange, and payment solutions services UAE Exchange who have taken a significant portion of the company as part of their digital strategy. Deepak Jain CEO of Swych shared, “CerraCap investment was strategic and very timely and CerraCap’ s ecosystem helped Swych launch itself successfully in the market place.” Ritesh Agarwal, the partner at CerraCap Ventures, said, “The Swych exit was nothing short of a well laid out strategy and hard work to entice and engage iconic brands like Lowe’s, Home Depot and others which resulted in UAE exchange to be a new leader in the digital gifting space.”
Swych’ s patent-pending mobile gifting platform enables users to send “Swychable” gifts from their mobile device that can be instantly redeemed for electronic gift cards from more than 600+ popular brands. Swych’ s award-winning Gifting-as-a-Service platform eliminates the time consuming and expensive setup of plastic gifting and replaces it with a quick and easy for enterprises to completely digitize and simplify incentive programs. Swych users can instantly buy, send, re-gift, upload, “Swych” and redeem gift cards conveniently from their mobile device. Swych Inc’s retail digital gifting network now spans across North America, Europe, Asia, and Australia.