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January 23, 2023
New Delhi, January 23, 2023 - Leading merchant commerce omnichannel company, Pine Labs today announced that it has acquired a proprietary enterprise platform from Bengaluru-based Saluto Wellness Private Limited. 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 Pine Labs in September 2022. Saluto Wellness was co-founded by Siva Kumar and Anoop Nambiar in 2017.
Commenting on the development, Kumar Sudarsan, President, Issuing Business, Pine Labs, said “With Saluto’s platform, we expect to further enhance our leadership across Enterprise Rewards, Recognition, Incentive & Engagement programs. Saluto’s multi-tenant, enterprise grade offering will give us additional capabilities complementing our strengths. Their solution, integrated with our offerings, will help us deliver more programs to our existing enterprise clients – resulting in larger and more long-term engagements. Leadership team at Saluto has over 40 years of collective experience across rewards, incentives, loyalty.”
"Our enterprise solutions are today being used across diverse industry verticals and we are excited to become part of a fast-growing, progressive fintech like Pine Labs and together scale our business further. We have already established a good working relationship with the Pine Labs team and look forward to being a driving force to further Pine Labs’ leadership in this space with innovative outcomes," said K. Siva Kumar, Co-founder and CEO of Saluto Wellness.
The loyalty program market in India is expected to grow at a CAGR of ~15% over the next decade, and projected to reach US$ 10.8 billion by 2031, from nearly US$ 3Bn in 2022, as per Future Market Insights. 1
The terms of the deal were not disclosed.
1 https://www.futuremarketinsights.com/reports/india-loyalty-program-market
Pine Labs is a leading merchant commerce omnichannel platform operating across India and Southeast Asia. Pine Labs’ tech-first approach to digital payments and focus on simplification at the front end aims to help many businesses embrace fintech products at scale. In digital payments, our online payments cloud-based software Plural represents a one-stop payments destination across channels. Plural is designed to deliver secure and frictionless online payment experiences to the end user, powered by an advanced tech stack that can augment an existing online business or build an all-new e-commerce payment setup from the ground up. In issuing, Qwikcilver serves leading corporates, Fast-Moving Consumer Goods (FMCG) brands, e-commerce companies, the Banking, Financial Services and Insurance (BFSI) sector and the airlines industry, with a presence across India, the Middle East, Southeast Asia and Australia. Qwikcilver is a go-to prepaid, stored value and gift card provider among companies looking to, among other things, bolster their sales, acquire and retain customers and drive operational efficiencies. In consumer app, Fave is a fintech platform for the next generation of consumers, providing smart payments and savings, while empowering merchants with a loyalty solution to grow and engage with their customers in a whole new way. Incorporated in Singapore, the key investors of Pine Labs include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard. To know more, please visit www.pinelabs.com