It is an application that is able to send Gift Vouchers directly to a Mobile Phone and the receiver can go directly to the store and redeem it.
It's catered to both, people gifting each other within India ... and NRIs sending gifts back home to India.
The best part is that, it has also Gifting Partners :-)
It is developed by my friend and ex-colleague from Infy, Rohit Rawal.
Really good idea...