Merchant commerce platform Pine Labs has acquired a proprietary enterprise platform from Bengaluru-based Saluto Wellness at an undisclosed amount.
This acquisition will boost the capabilities of Pine Labs’ issuing business under the Qwikcilver brand, enabling it to strengthen its offerings across employee rewards and recognition, customer loyalty programs, and channel partner programs for medium and large enterprises. Pine Labs has a leading presence in India in prepaid, stored value, and gift card solutions through its 2019 acquisition of Qwikcilver, an entity that merged with the Amris Rau-led company in September 2022.
Founded by Siva Kumar and Anoop Nambiar in 2017. Saluto Wellness is an integrated engagement & wellness service provider that helps organisations engage with employees, consumers and channel partners with a rewards and recognition approach.
Last year, Pine Labs acquired stakes in three startups –fintech infrastructure company Setu, payments solution provider Mosambee and online payments startup Qfix.
Backed by the likes of Sequoia India, Actis Capital, Temasek, PayPal and Mastercard, Pine Labs’ operating revenue jumped by 40.1% to Rs 1,017 crore in FY22 from Rs 726 crore during FY21. The firm managed to keep a tab on its losses which merely grew 4.5% to Rs 259 crore in FY22.