Bangalore-based gifting solution platform provider, QwikCilver, is targeting South East Asian markets (SEA). With investors such as Helion Partners and Accel India, the company has been implementing bullish approach to capture SEA market. QwikCilver has already started its operations in Singapore 2-3 months ago, and it plans to target Philippines, Thailand and other southern-east countries next.
The company has been operating in Singapore by forming a partnership with NETS. The arrangement has allowed QwikCilver to spread its scope of digital gift cards in malls and with retailers in the country. Another association with 99SME is in progress whereby gift cards for SMEs would be activated in Singapore.
QwikCilver had initially started as a processor. Founders Kumar Sudarsan and TP Pratap brought this company into existence in 2008. Today QwikCilver distributes its gift cards to individuals and corporates through an online portal named as Woohoo.in (launched in 2015).
Big brands such as Amazon and Sistema Fund have also invested in Qwikcilver. A fund of $10 million was raised by the company in last year July itself. It was Sistema Asia Fund who had invested. Earlier in 2015, $10 million was funded by Amazon and other investors.
At present, QwikCliver has issued around 100 million gift cards since 2014 along with powering 1.5 billion GMV worth of gift cards.
According to PayNxt360, Indian gift card market in terms of transaction value is expected to record a CAGR of 33.0% during 2017-2021 to reach US$ 9,363.7 million by 2021, increasing from US$ 2,995.6 million in 2017.
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