MUMBAI, Apr 19: Singapore-based merchant platform company Pine Labs Friday said it has acquired gift solution company, Qwikcilver for USD 110 million.
Last month the company had signed a definitive
agreement to acquire Qwikcilver.
“We have acquired Qwikcilver for USD 110 million,
funded via internal cash reserves and with additional
funding from existing investors,” a company statement said.
The company is backed by Sequoia India, PayPal,
Temasek, Actis Capital, Altimeter Capital, Madison India
Capital and Sofina.
Qwikcilver is a gift card service provider, managing
an annualised gross transaction value of USD 1.5 billion
across India, Middle East and South East Asia.
With this acquisition, Qwikcilver and Pine Labs have a
combined gift solutions business comprising 250 brands and
retailers and 1,500 enterprise customers.
Qwikcilver co-founder and chief executive officer,
Kumar Sudarshan, has joined the Pine Labs leadership team, the
release said.
Pine Labs provides financing and last-mile retail
transaction technology. Its offerings are used by one lakh
merchants in 3,700 cities and towns across India and Malaysia.
(PTI)
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