GiftRocket, a 2011 Y Combinator grad, is a simple P2P digital gifting service that lets users send and receive digital gift cards via email. Originally, the startup was focused around location-based gifting, allowing friends to send each other digital gift cards that could be accessed once they checked-in to a certain location. With some angel funding behind it, the startup pivoted to a more universal use case, becoming a way to easily gift cash within a digital eCard.Co-founder Kapil Kale tells us that, since that change, people have begun to use the service as a replacement for traditional gift cards and gift certificates and usage has increased as a result. Today, the startup is announcing that it's profitable thanks to a $2 million in sales in 2012 (and what he expects to be $5 million run rate by December). It's also making some additions and changes to its service, including an API, bulk orders and reduced fees. read more..
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