Qwikcilver raises a new round of funding led by Sistema Asia Fund

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The company will use the funding to further invest in R&D, scale the Gift Card category, and expand into new geographies

India’s Gift Card technology and end-to-end Prepaid Solutions company, Qwickcilver, has recently announced that it has raised a new round of funding led by Sistema Asia Fund Advisory, a proprietary fund floated by Sistema JSFC. The funding also had the existing investors in Qwikcilver participating.

The company will use the funding to further invest in scaling the Gift Card category through innovations, invest in R&D and expand into new geographies in Middle east and South east Asia and scale its growth. Qwikcilver’s technology is deployed across more than 500 cities and towns in over 10,000 premium brand stores, ecommerce portals and mobile apps.

Qwikcilver has established and reinforced the Prepaid & Gift Card network in Indian retail, with close to 90 per cent share of the customer engagements across 150+ leading brands & retailers in 25 consumption categories.

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The Qwikcilver Network has grown by 300 per cent year-on-year for the last four years and currently processes over 50 million transactions across physical cards, digital cards and Mobile based engagements across card transactions annually.

The Woohoo Gifting Platform launched by Qwikcilver has partnered with 150+ brands and over 500 corporates & institutions for their employee rewards, channel partner programs and consumer promotions via the Woohoo Gift Card experience by enabling a realtime & seamless gifting experience at offline stores and online portals in 400+ towns & cities. It has partnered with the biggest retailers, both in-store and online, across categories.

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“We thank all our esteemed brand partners and 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,” said Kumar Sudarsan, Director & Founder, Qwikcilver, in a press statement.

Qwikcilver has entered the B2B & B2C gifting segment through Woohoo and is driving consumer adoption with the e-commerce platform Woohoo.in and Woohoo App.

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