Digital retail payments platform Pine Labs has acquired Bengaluru-based gifting startup Qwikcilver for USD 110 million.
Vicky Bindra, chief executive of Pine Labs, told Economic Times they were aware of investors of Qwikcilver looking for an exit. “Since their offerings were directly complementing our offerings in the gifting space, we decided to act swiftly and acquire the company,” he said.
Bindra intends to amalgamate and leverage Pine’s merchant focus and Qwikcilver’s brand focus to strengthen the Indian as well as international business, he told ET.
Kumar Sudarshan, cofounder and chief executive of Qwikcilver, will be joining Pine Labs and managing the gifting business. Pratap TP, the other founder and chief marketing officer, will continue in his existing role.
The Sequoia-backed Pine Labs processes annualised payments of USD 20 billion while Qwikcilver’s annual transaction value is around USD 1.5 billion across India, West Asia and Southeast Asia.
Founded in 2006, Qwikcilver had raised around USD 20 million including from Amazon, Accel India, Sistema Asia Fund and Helion Venture Partners. In June last year, Pine Labs raised USD 125 million from global investment company Temasek and digital payments company PayPal.