Korea Herald

In a deal worth US $ 100 million, Singapore-based payments startup Pine Labs acquired Bengaluru-based giftcard tech startup, Qwikcilver. Together, the combined gifting solution business would be the largest in India with the customer base of over 250 brands and retailers, along with 1500 enterprise customers.

At Pine Labs, our primary focus is to bring value to our merchants and their customers. 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.” Vicky Bindra, CEO, Pine Labs.

“We have built a robust and versatile gift card technology platform. We have also built a strong network and strategic brand relationships with the best brands in India, in the Middle East and in the South East Asian markets. With Pine Labs, we would have the potential and ability to significantly scale the gift card category.” Kumar Sudarsan, Co-founder, Qwikcilver.