Qwikcilver raises funding, to invest in scaling growth

MUMBAI: Gift card and prepaid solutions company Qwikcilver has announced that it has raised an undisclosed amount of funds from Sistema Asia Fund Advisory, a proprietary fund floated by Sistema JSFC, and existing investors.

The company will use the funding to further invest in scaling the Gift Card category through innovations, R&D and expand into new geographies in Middle East and South East Asia and scale its growth, it said in a statement here.

"Qwikcilver will continue to work towards scaling the Gift Card category with its cutting edge Product Platform which is of high global standards," Kumar Sudarsan, Director & Founder, Qwikcilver, said.

Qwikcilver's technology is deployed across more than 500 cities and towns in over 10,000 premium brand stores, ecommerce portals and mobile platforms.

Qwikcilver Network claims 300 per cent growth 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.

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

Woohoo.in, a gift card superstore, is a one-stop destination for corporates, institutions and consumers for personal and occasion-based gifting.

It allows them to send and receive gifts across more than 500 cities with the choice of over 150 trusted brands both offline and online.