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 incorporated in Singapore and has its largest operations in India. It is a merchant platform company that provides financing and last-mile retail transaction technology. Pine Labs' offerings are used by 1,00,000 merchants in 3700 cities and towns across India and Malaysia. In 2019, the company acquired India's leading gift solution company, Qwikcilver. Its investors include Sequoia India, PayPal, Temasek, Actis Capital, Altimeter Capital, Madison India Capital and Sofina. To know more, please visit www.pinelabs.com