Singapore-based merchant platform company Pine Labs has agreed to buy Indian gift card technology company Qwikcilver in a deal valued at $110m.

Founded 2006, Qwikcilver said to process nine out of every 10 gift cards in India.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Qwikcilver, which is backed by ecommerce giant Amazon, manages an annualised gross transaction value of $1.5bn across India, the Middle East and south east Asia.

Pine Labs claims that the combined gift solutions business will be the largest in India. It will have a client base of more than 250 brands and retailers, and 1500 enterprise customers.

Pine Labs CEO Vicky Bindra said: “According to market estimates, gift, as a category, is growing at a high double-digit rate annually. Qwikcilver’s technology and market expertise will help us scale up this business and we are delighted to welcome it into Pine Labs.”

Furthermore, four years ago, Pine Labs launched its own gift solutions business Pine Perks. Currently, its gift cards are used by 600 companies across banking, insurance, manufacturing, pharmaceutical, FMCG and telecom verticals.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

As part of the agreement, Qwikcilver co-founder and CEO Kumar Sudarsan will join the Pine Labs leadership team following the completion of the deal.

Sudarsan said: “We have also built a strong network and enduring strategic brand relationships with the best brands in India, in the Middle East and in the South East Asian markets. With Pine Labs, we have the potential and ability to significantly scale the gift card category and drive consumer adoption with novel products and solutions.”

Pine Labs, which is backed by the likes of Sequoia India, PayPal, Temasek, and Sofina, processes annualised payments of $20bn.