Qwikcilver Solutions Pvt. Ltd, one of the leading providers of retailer gift cards and employee reward cards in India has raised a new round of funding, totaling $10 million. This new round of funding was led by Sistema Asia Fund, the proprietary fund of Russian conglomerate, Sistema, which apparently has invested an amount of nearly Rs. 30-40 crore.
With Qwikcilver being the first startup in India back in 2014 to be backed by the Amazon India, it is no surprise to note that the existing investors such as Amazon India themselves, Accel India and Helion Venture Partners had also participated in this new round.
The company seems to be aiming to use this money for its ambition of doubling the value of gift cards it sells to Rs. 4000 crore by the end of the current fiscal year and also for its long-term goal of expanding to international markets such as the Middle-East, Southeast Asia and Australia, where it is currently collaborating with brands and merchants.
Says, Kirill Kozhevnikov, the managing director of the Insitel/Sistema Asia Fund Advisory, ” The commitment and pioneering role of Qwikcilver in establishing its strong leadership of prepaid and gift card industry in India has been truly unique. The strong credentials and passionate team has helped build and grow a robust SaaS (software-as-a-service) product company in India”.