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April 19, 2019
New Delhi, April 19, 2019: Pine Labs, the leading merchant platform company in India, has confirmed that it has completed the acquisition of India's leading gift solution company, Qwikcilver. On March 19, 2019, the company had announced the signing of a definitive agreement to acquire Qwikcilver for USD 110 million, funded via internal cash reserves and with additional funding from existing investors.
With the completion of this acquisition, Qwikcilver and Pine Labs now have a combined gift solutions business comprising 250 brands and retailers and 1500 enterprise customers - the largest such business in India.
Kumar Sudarsan, co-founder and CEO, Qwikcilver has joined the Pine Labs leadership team.
Pine Labs is one of Asia's leading merchant commerce platforms. Its unique cloud-based platform enables it to offer a wide range of payment acceptance and merchant commerce solutions. Pine Labs' stored value platform offers issuing, processing and distributing digital gift cards for corporate customers. Its customer base includes prominent large, mid-sized and small merchants across India, South East Asia and the Middle East. Pine Labs is incorporated in Singapore. Its key investors are Sequoia India, Mastercard, Actis Capital, Temasek, PayPal and Sofina. To know more, please visit www.pinelabs.com