The Singapore-based company, Pine Labs announced that it has bought the Indian gift solutions company, Qwikcilver for the sum $ 110 million. Last month, Pine Labs had signed an agreement with Qwikcilver for the acquisition, as reported by the Indian daily news, The Times of India.
"We have acquired Qwikcilver for $110 million, funded via in internal cash reserves and with additional funding from existing investors, said, the Singapore-based company, Pine Labs.
Qwikcilver is an Indian-gift card provider firm and is backed up by renowned investors namely, Paypal, Temasek, Sequoia India, Actis Capital, Altimeter Capital, Sofina and Madison India Capital. The company manages an aggregate transaction of $1.5 billion annually through India, South-East Asia and the Middle East.
By this acquisition, Pine Labs and Qwikcilver have unified into one gift solutions company encompassing 1,500 patrons and 250 retailers as well as brands.
With this acquisition, Kumar Sudarshan, Co-founder and CEO of Qwikcilver, has united with the leadership team of Pine Labs, the release stated.
Pine Labs is a Singapore-based company and offers financing and last-kilometre retail technology. Currently, the companys gift solutions are being used by over one lakh merchants in 3,700 towns and cities throughout Malaysia and India.