Singapore-based merchant platform company Pine Labs has acquired gift solution company, Qwikcilver for $110 million.
Last month the company had signed a definitive agreement to acquire Qwikcilver.
“We have acquired Qwikcilver for $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 $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.