Pine Labs acquires Qwikcilver for $110 million

Pine Labs acquires Qwikcilver for $110 million

  • 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


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