Pine Labs acquires Qwikcilver for $110 Million
Payment and gift card technology firm Pine Labs to acquire its peer firm Qwikcilver for USD 110 million.
The transaction has been funded from the company's cash reserves and additional funding from existing investors, it added.
"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," said Vicky Bindra, chief executive officer, Pine Labs.
Qwikcilver, which was founded in 2006, offers nine out of every 10 gift cards in the country and manages an annualised gross transaction value of USD 1.5 billion across India, Middle East and South East Asia.
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