QwikCilver Solutions
QwikCilver Solutions was a Bangalore-based stored-value card processing and distribution platform that enabled co-branded gift card programs for partner brands, earning transaction-based processing fees. Founded in 2007, it was amalgamated into Pine Labs in September 2022.
- Company typePrivate
- Founded2007
- HeadquartersBangalore, India
- Headcount251–500
- GTM typeB2B
- OfferingSoftware
What QwikCilver Solutions does
QwikCilver Solutions was an India-based private company founded in 2007 and headquartered in Bangalore that operated as a stored-value card processing and distribution platform. Its core business was enabling co-branded gift card programs for partner brands, providing the back-end infrastructure to issue, process, and distribute physical and digital gift cards while partner brands retained ownership of unredeemed balances (breakage). Revenue was generated from transaction-based processing and distribution fees, structurally separating the company's economics from breakage income and limiting balance-sheet exposure.
The company scaled through institutional venture funding — raising approximately $20 million across rounds in 2014 (led by Amazon, with Accel and Helion Venture Partners) and 2016 (led by Sistema Asia Capital, with Accel, Amazon, and Helion) — and grew to a 251–500 employee footprint prior to its amalgamation into Pine Labs via a National Company Law Tribunal (NCLT) order dated September 14, 2022. Post-amalgamation, QwikCilver Solutions ceased to operate as an independent legal entity; its gift card processing operations are now part of Pine Labs' broader merchant payments platform, and the qwikcilver.com domain is no longer active.
A GST tax demand of Rs 37.33 crore (tax Rs 14.89 crore, interest Rs 20.9 crore, penalty Rs 1.48 crore) was raised for FY 2019-20 against the amalgamated entity, representing the most significant regulatory event on file. No AI/ML capabilities, proprietary technology stack, or named product lines are documented in the available input beyond the gift card processing and distribution platform itself.
QwikCilver Solutions firmographics
Firmographics- Name
- QwikCilver Solutions
- Legal name
- Qwikcilver Solutions
- Website
- https://qwikcilver.com
- Company type
- Private
- Founded year
- 2007
- Operating status
- Acquired
- Headcount range
- 251–500 employees
- Short description
- QwikCilver Solutions was a Bangalore-based stored-value card processing and distribution platform that enabled co-branded gift card programs for partner brands, earning transaction-based processing fees. Founded in 2007, it was amalgamated into Pine Labs in September 2022.
- Ownership category
- akta.pro rank
QwikCilver Solutions industry classification
Industry- Product category
- Gift Card Processing Platform
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Closed-Loop Gift Cards (Single-Merchant) (FSAMANAB)
- akta.pro secondary industry
- Prepaid Card Program Managers & Issuers (BIN Sponsors) (FSAMANAK)
Keywords
Where QwikCilver Solutions is headquartered
LocationHeadquarters
- HQ city
- Bangalore
- HQ country
- India
- HQ region
- Asia
Markets served
QwikCilver Solutions business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales
Revenue model
- Gift Card Processing and Distribution Fees: Pine Labs/Qwikcilver generates revenue from processing and distribution fees for gift card services. The company earns fees for processing gift card transactions and distributing cards to partner brands under co-branded programs. Notably, breakage income from unredeemed gift card balances belongs entirely to partner brands and has never been recognized in the company's profit and loss account.
Distribution channels1 record
QwikCilver Solutions product offering
Product offeringCore offering
QwikCilver Solutions operated a gift card processing and distribution platform for partner brands, delivering co-branded stored value card (gift card and prepaid card) programs. The company earned processing and distribution fees on these programs, while breakage income from unredeemed balances accrued entirely to the partner brands.
Differentiator
Problem solved
Functional benefit
Products and services
- Co-branded Gift Card Programs
Companies that use QwikCilver Solutions
Customer profileSegments1 record
Ideal customer profiles1 record
QwikCilver Solutions technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
QwikCilver Solutions partnerships and signals
Strategic signalRecent moves4 records
Expansion highlights3 records
QwikCilver Solutions competitors and assessment
Company assessmentDirect peers
- Vouchagram India: B2B digital gift voucher platform offering branded gift cards and prepaid solutions to enterprises in India, overlapping directly with QwikCilver's enterprise co-branded programme model.
- Woohoo: Indian digital gift card and rewards platform serving enterprise brands with co-branded voucher and incentive programmes — a directly comparable B2B gift card distribution model to QwikCilver.
- Tango Card: API-first digital gift card and rewards platform for B2B enterprise incentive and recognition use cases — overlaps with QwikCilver's enterprise co-branded gift card infrastructure.
- GyFTR (EazyDiner): Indian gift voucher and rewards marketplace distributing brand e-vouchers to consumers and corporate buyers — operates in the same stored-value programme space as QwikCilver.
Emerging players
- Razorpay: Indian fintech unicorn offering payments and business banking APIs; while not a gift card specialist, it has expanded into payouts and corporate disbursements that compete for the same B2B payment wallet as QwikCilver-adjacent players.
Broad incumbents
- Pine Labs: Parent company that amalgamated QwikCilver in 2022. Operates a much broader merchant payments and lending platform across India, into which QwikCilver's gift card infrastructure is now embedded.
- Amazon Pay (Gift Cards): Operates Amazon's branded gift card programmes in India, including via Amazon's earlier investment in QwikCilver; sits in the same brand-stored-value ecosystem.
- Blackhawk Network: Global leader in branded gift card and prepaid payment solutions with significant B2B issuance and distribution capabilities; comparable to QwikCilver at a much larger global scale.
- InComm: Global prepaid and gift card processor and program manager providing technology, distribution and processing infrastructure — directly analogous to QwikCilver's backend processing role.
- Paytm (One97 Communications): Large Indian digital payments wallet that also issues gift cards, vouchers and cashback instruments — adjacent fintech with overlapping stored value and corporate gifting products.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights5 records
Customer concentration
QwikCilver Solutions social profiles
Digital presenceQwikCilver Solutions financial estimates
Financial estimateRevenue estimate
Valuation estimate
QwikCilver Solutions leadership team
Management profileNumber of profiles
Profiles4 records
QwikCilver Solutions funding detail
Funding detailFunding overview
Funding rounds3 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
QwikCilver Solutions M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about QwikCilver Solutions
What does QwikCilver Solutions do?
QwikCilver Solutions operated a gift card processing and distribution platform for partner brands, delivering co-branded stored value card (gift card and prepaid card) programs. The company earned processing and distribution fees on these programs, while breakage income from unredeemed balances accrued entirely to the partner brands.
Is QwikCilver Solutions a public or private company?
QwikCilver Solutions is a private company. It is classified as corporate owned and is currently acquired.
When was QwikCilver Solutions founded?
QwikCilver Solutions was founded in 2007. It employs 251 to 500 people.
Where is QwikCilver Solutions based?
QwikCilver Solutions is headquartered in Bangalore, India, in the Asia region.
How does QwikCilver Solutions make money?
One revenue line is on record: gift Card Processing and Distribution Fees.
Who are QwikCilver Solutions's main competitors?
Direct peers on record are Vouchagram India, Woohoo, Tango Card and GyFTR (EazyDiner). Razorpay is listed as an emerging player. Broad incumbents are Pine Labs, Amazon Pay (Gift Cards), Blackhawk Network, InComm and Paytm (One97 Communications).
Does QwikCilver Solutions have an API?
No public API is recorded for QwikCilver Solutions.
What industry is QwikCilver Solutions in?
QwikCilver Solutions's product category is Gift Card Processing Platform. Its primary akta.pro industry code is FSAMANAB, Closed-Loop Gift Cards (Single-Merchant), with a secondary code of FSAMANAK, Prepaid Card Program Managers & Issuers (BIN Sponsors). Its NAICS code is 52232 and its SIC code is 6199.