Pine Labs Completes Merger With Digital Gift Card Startup Qwikcilver

Pine Labs Completes Merger With Digital Gift Card Startup Qwikcilver

SUMMARY

Pine Labs earlier acquired Qwikcilver for $110 Mn in March 2019

With this development, Qwikcilver has been consolidated into a sole business entity of Pine Labs

Besides, Qwikcilver’s prepaid payment instruments (PPIs) will now be issued by Pine Labs under the former startup’s name

IPO-bound fintech unicorn Pine Labs has completed a merger with digital gift card startup Qwikcilver Solutions. Notably, the fintech startup acquired Qwikcilver for $110 Mn in March 2019.  

Following the acquisition, Pine Labs has now completed the required documentation work pertaining to the deal. Further, Qwikcilver has been consolidated into a sole business entity of Pine Labs. 

Besides,  Qwikcilver’s prepaid payment instruments (PPIs) will now be issued by Pine Labs under the former startup’s name.

According to the startup, following the merger, Qwikcilver’s existing products, platforms, and programs will continue to operate. 

“Qwikcilver and Pine Labs have established strong business synergies post the 2019 acquisition. The formal merger now will strengthen the association further and will usher in a new era of innovation and growth for our issuing business in India and our focused international markets,” said Kumar Sudarsan, president of Issuing Business, Pine Labs. 

Founded in 2008 by Kumar Sudarsan, Bhaskar Vasudevan and TP Pratap, Qwikcilver offers various card-based interventions including discount, prepaid, loyalty and digital gift cards to diverse industries including airlines, ecommerce, large corporates and hospitality, among others.

Qwikcilver said that it is a prepaid, stored value and gift card provider to companies thereby, help them enhance sales, drive operational efficiencies, acquire as well as retain customers. 

Qwikcilver has a presence in India, the Middle East, Southeast Asia and Australia. 

Set up in 1998 by Lokvir Kapoor, Pine Labs offers point-of-sale payments in India and Southeast Asia. 

So far in 2022, Pine Labs has acquired two fintech startups Setu for $70 Mn and Qfix Infocomm for an undisclosed amount. Besides, the fintech unicorn invested in Mosambee in April this year. 

In March, Pine Labs raised a $50 Mn funding round from Vitruvian Partners at a post-money valuation of over $5 Bn. Prior to that, it secured $150 Mn from Alpha Wave Ventures and bagged $20 Mn from the Indian commercial bank SBI. 

During the same month, Pine Labs initiated an INR 100 Cr employee stock ownership programme (ESOP) liquidity program.

Pine Labs’s cap table includes Sequoia India, Actis Capital, Temasek, PayPal and Mastercard, among others.

Step up your startup journey with BHASKAR! From resources to networking, BHASKAR connects Indian innovators with everything they need to succeed. Join today to access a platform built for innovation, growth, and community.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
UNLOCK 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Pine Labs Completes Merger With Digital Gift Card Startup Qwikcilver-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Pine Labs Completes Merger With Digital Gift Card Startup Qwikcilver-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Pine Labs Completes Merger With Digital Gift Card Startup Qwikcilver-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Pine Labs Completes Merger With Digital Gift Card Startup Qwikcilver-Inc42 Media
Pine Labs Completes Merger With Digital Gift Card Startup Qwikcilver-Inc42 Media
You’re in Good company