Gift card solution providing company Qwikcilver, which is backed by Amazon, has today raised a new round of funding worth $10 million. The current round was led by Sistema Asia Fund Advisory.
Existing investors of the company have also participated in this funding round, including Amazon, Accel and Helion Venture Partners. As per some reports, Sistema has poured in around Rs. 30-40 crore while rest of the amount comes from other investors.
The amount raised in this round will be used by the company to further expand its business to international regions, including Middle East, Southeast Asia and Australia. It has already started partnering with several brands and companies for the same.
Qwikcilver is among the leading company for the prepaid & Gift Card category in India with its cloud hosted SaaS technology platform. Its technology is deployed across more than 500 cities and towns in over 10,000 premium brand stores, ecommerce portals and mobile apps.
The company’s network has grown by 300% year-on-year for the last 4 years and currently processes over 50 million transactions across physical cards, digital cards and mobile based engagements across card transactions annually.
Commenting on the funding, Kumar Sudarsan, Director & Founder, Qwikcilver, said,
We thank all our esteemed brand partners & valued customers who have reposed their strong trust and confidence in Qwikcilver all these years for launching and partnering for the various innovations in the Gift Card category. We are pleased to have Sistema as our new Investor along with all our existing investors participating in this Fund raiser. We see this as testimony & validation of our pioneering presence and leadership in the Gift Card category with our SAAS Technology Product business in India. Qwikcilver will continue to work towards scaling the Gift Card category with its cutting edge Product Platform which is of high global standards.
Kirill Kozhevnikov, MD of Insitel/Sistema Asia Fund Advisory added,
We are very pleased to come on board and lead this investment round in Qwikcilver. The commitment and pioneering role of Qwikcilver in establishing its strong leadership of the Prepaid & Gift Card Industry in India has been truly unique. The strong credentials and passionate team has helped build and grow a robust SaaS product company based from India.
The gift cards and vouchers category in India currently stands at more than Rs. 2,000 crore. It is expected to reach Rs. 8,000 crore by the year 2017-18.