The acquisition, which has been funded from the company’s cash reserves and additional funding from existing investors, will bring together Pine Labs’ merchant-focused and Qwikcilver’s brand-focused software-as-a-service (SaaS) technology platforms, and augment their Indian and international market reach.
The combined gift solutions business will have a customer base of over 250 brands and retailers, and 1500 enterprise customers.
Founded in 2006 by Kumar Sudarsan, CEO, Qwikcilver is a full-stack gift card service provider, powering nine out of every 10 gift cards in the country and managing an annualized gross transaction value of USD 1.5 billion across India, Middle East and South East Asia.
Led by Vicky Bindra, Chief Executive Officer, Pine Labs started its own gift solutions business – Pine Perks – four years ago. Today, its gift cards are used by 600 organizations across banking, insurance, manufacturing, pharmaceutical, FMCG and telecom industries.
Sudarsan will join the Pine Labs leadership team after the completion of the transaction.