Gift Card Technology Company Qwikcilver Raises a New Round of Funding Led by Sistema Asia Fund

Processes over 50 million transactions across physical cards, digital cards and mobile based engagements in 500+ towns & cities

Qwikcilver, India’s pioneering Gift Card technology & end-to-end Prepaid Solutions company, announced that it has raised a new round of funding led by Sistema Asia Fund Advisory, a proprietary fund floated by Sistema JSFC. The funding also had the existing investors in Qwikcilver participating.

Qwikcilver has pioneered the Prepaid & Gift Card category in India with its Cloud hosted SAAS technology platform. The company will use the funding to further invest in scaling the Gift Card category through innovations, invest in R&D and expand into new geographies in Middle east and South east Asia and scale its growth.

Qwikcilver’s technology is deployed across more than 500 cities and towns in over 10,000 premium brand stores, ecommerce portals and mobile apps. Qwikcilver has established and reinforced the Prepaid & Gift Card network in Indian retail, with close to 90% share of the customer engagements across 150+ leading brands & retailers in 25 consumption categories. The Qwikcilver Network has grown by 300% year-on-year for the last 4 years and currently processes over 50 million transactions across physical cards, digital cards and Mobile based engagements across card transactions annually.

The Woohoo Gifting Platform launched by Qwikcilver enables consumers, corporates and institutions to have unique & novel gifting experiences. Woohoo Mobile App is the most powerful Mobile Gifting app in India today and enables consumers to instantly gift in a personalized manner to their friends and family via Whatsapp. Woohoo has partnered with 150+ brands and over 500 corporates & institutions for their employee rewards, channel partner programs and consumer promotions via the Woohoo Gift Card experience by enabling a realtime & seamless gifting experience at offline stores and online portals in 400+ towns & cities. It has partnered with the biggest retailers, both in-store and online, across categories.

Commenting on the funding, Mr. Kumar Sudarsan, Director & Founder, Qwikcilver, said, “We thank all our esteemed brand partners & valued customers who have reposed their strong trust and confidence in Qwikcilver all these years for launching and partnering for the various innovations in the Gift Card category. We are pleased to have Sistema as our new Investor along with all our existing investors participating in this Fund raiser. We see this as testimony & validation of our pioneering presence and leadership in the Gift Card category with our SAAS Technology Product business in India. Qwikcilver will continue to work towards scaling the Gift Card category with its cutting edge Product Platform which is of high global standards.”

Kirill Kozhevnikov, MD of Insitel/Sistema Asia Fund Advisory added, “We are very pleased to come on board and lead this investment round in Qwikcilver. The commitment and pioneering role of Qwikcilver in establishing its strong leadership of the Prepaid & Gift Card Industry in India has been truly unique. The strong credentials and passionate team has helped build and grow a robust SaaS product company based from India.”

About Qwikcilver

Qwikcilver is a technology company pioneering end-to-end gift card and stored-value-card solutions for retail customers. With its flexible SaaS platform and in house capabilities, Qwikcilver manages the entire gift card programme of retailers including design, storage, transactions pertaining to it. Qwikcilver has pioneered and established significant leadership of the Prepaid & Gift Card category in India. Qwikcilver Solutions, is a single-stop provider for all kinds of stored value card based solutions for Retailers, service providers and corporate (to power convenience and operational efficiency programs for Corporates like Campus Cards, Incentives and Benefits Card).

Qwikcilver has obtained the RBI license for semi closed loop PPI prepaid product instruments.

Qwikcilver has entered the B2B & B2C gifting segment through Woohoo and is driving consumer adoption with the e-commerce platform and Woohoo App., a gift card superstore is a one stop destination for corporates, institutions & consumers for personal and occasion based gifting and allows them to choose from a wide array of gift card brands and send and receive gifts across more than 500 cities with the choice of more than 150+ trusted brands - be it offline or online.

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India Startups India Funding qwikcilver Sistema Asia Fund

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