Pine Labs acquires Qwikcilver for $110 million
Qwikcilver,founded in 2006, is a gift card service provider.Pine Labs also has its own gifting business since 2015- Pine Perks which it claims is used by 600 organizations
- Qwikcilver,founded in 2006, is a gift card service provider and offers a software-based model and has a number of clients for its corporate gifting and gift cards programme including Oberoi Hotels, Amazon, Flipkart and Big Bazaar.
- Its investors include Amazon, Sistema Asia Fund, and venture capital funds Accel India and Helion Venture Partners.
- Pine Labs also has its own gifting business since 2015- Pine Perks which it claims is used by 600 organizations across banking, insurance, manufacturing, pharmaceutical, FMCG and telecom industries currently.
- , we have the potential and ability to significantly scale the gift card category and drive consumer adoption with novel products and solutions," he added