QwikCilver Solutions

About QwikCilver Solutions

QwikCilver Solutions operates as a provider of gift card and stored-value solutions, functioning on a software-as-a-service (SaaS) model. The company was founded in 2006 by Kumar Sudarsan, TP Pratap, and Bhaskar Vasudevan, who were fellow students at BITS Pilani with backgrounds in SaaS. The founders identified a gap in the Indian market for a secure and technologically advanced alternative to paper gift vouchers, which were prone to fraud and logistical issues.

The firm provides a comprehensive, end-to-end platform for businesses to issue, process, and distribute both physical and digital gift cards. Its offerings include prepaid cards, loyalty programs, and promotional vouchers. QwikCilver serves a diverse client base across various sectors, including retail, e-commerce, hospitality, airlines, and corporate entities. Notable clients have included Amazon, Flipkart, Oberoi Hotels, and Shoppers Stop. The business generates revenue through its SaaS platform, which empowers clients to manage their stored-value card programs.

A significant milestone in the company's history was its acquisition by Pine Labs in March 2019 for approximately $110 million. This strategic move combined QwikCilver's brand-focused SaaS technology with Pine Labs' extensive merchant network, creating a formidable presence in the gift solutions market. Following the acquisition, Kumar Sudarsan joined the leadership team at Pine Labs. The formal merger of QwikCilver Solutions into Pine Labs was completed in September 2022, consolidating the business into a single legal entity. Before the acquisition, QwikCilver had secured $20 million in funding from investors such as Amazon, Accel, Helion Venture Partners, and Sistema Asia Fund.

The company pioneered the gift card concept in India, launching the country's first e-commerce gift card program with Flipkart in 2010 and forming a strategic partnership with Amazon in 2013. In 2015, it launched Woohoo, a direct-to-consumer gift card e-commerce platform. QwikCilver's international expansion began with an office in Dubai in 2016, followed by entry into Southeast Asian markets in 2017 and a global partnership with Amadeus in 2019 to provide digital vouchers for airlines. The platform claims to power nine out of every ten gift cards in India.