Amazon Backs Bangalore Based QwikCilver Solutions

Amazon Backs Bangalore Based QwikCilver Solutions

Online retail giant Amazon has made its first investment in India by putting in $10 Mn in Bangalore-based gift card technology and retail startup QwikCilver Solutions.

The rumors of this possible funding were in news since past weeks. QwikCilver’s existing investors Helion Venture Partners and Accel Partners also participated in this round of funding.

Amazon Asia Pacific, an entity based out of Singapore has picked up a minority stake in the startup. However, the percentage of stake that Amazon has picked up through this investment cannot be asserted at the moment.

Kumar Sudarsan, founder and director of QwikCilver said, “The motivation to get Amazon on board was that they will be able to bring in best practices and global strategies to help us scale the sector to the next level.”

QwikCilver plans to use the funds raised for offering mobile solutions for gifting. Further, the startup is also considering bringing out a single company branded gift card which could be used by consumers across its client base.  “We, in fact, have RBI approval to be a prepaid issuer, and very soon we will announce some unique solutions around this,” Kumar said.

QwikCilver currently has annualized sales run-rate of INR 1,000 Cr., with a client base of more than 100 retailers.

Author

Team Inc42

Inc42 Staff
Inc42 Magazine is an online startup magazine that covers some of the best startups and entrepreneurs in the India ecosystem. We also feature numerous guest posts and resources by leading experts from across the industry, including many from the Silicon Valley and Bay Area.
Responses
https://inc42.com/buzz/25-skills-companies-lookout-hiring-linkedin/

Upcoming Events