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QwikCilver Solutions

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uuid00032ze

Namestring
QwikCilver Solutions
Legal namestring
Qwikcilver Solutions
Websiteurl
qwikcilver.com
Company typeenum
Private
Founded yearint
2007
Descriptiontext

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processing operations are now part of Pine Labs' broader merchant payments platform, and the qwikcilver.com domain is no longer active.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.

Short descriptiontext

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.

Operating statusenum
Acquired
Ownership categoryenum
Headcount rangeband
251–500
akta.pro rankint
HeadquartersBangalore, India
HQ citystring
Bangalore
HQ countrystring
India
HQ regionstring
Asia
Markets served

Serves global market

Keyword5 values
stored value cards, gift card processing, prepaid card solutions, co-branded gift cards, card distribution platform
Industry2 codes
1Closed-Loop Gift Cards (Single-Merchant)
CodeFSAMANABPrimaryYes
2Prepaid Card Program Managers & Issuers (BIN Sponsors)
CodeFSAMANAKPrimaryNo
NAICS code1 code
  • Financial Transactions Processing, Reserve, and Clearinghouse Activities52232
SIC code1 code
  • Finance Services6199
Product category
Gift Card Processing Platform
Revenue model1 record
1Gift Card Processing and Distribution Fees
TypeTransaction Fee
Description

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.

cnbctv18.com
Distribution channels1 record

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components4 values
Technology or R&D, Personnel, Operations, Marketing or Sales
GTM typeB2B
B2B
Offering typeSoftware
Software
Core offering1 text field

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
Functional benefit
Problem solved
Product and service1 record
1Co-branded Gift Card Programs
CategoryGift Card Processing Platform
Recent move4 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight3 records

Each record includes

Type, Description

Peers10 records
1Vouchagram India
TypeDirect peer
Description

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.

2Razorpay
TypeEmerging player
Description

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.

3Pine Labs
TypeBroad incumbent
Description

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.

4Amazon Pay (Gift Cards)
TypeBroad incumbent
Description

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.

5Blackhawk Network
TypeBroad incumbent
Description

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.

6Woohoo
TypeDirect peer
Description

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.

7Tango Card
TypeDirect peer
Description

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.

8GyFTR (EazyDiner)
TypeDirect peer
Description

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.

9InComm
TypeBroad incumbent
Description

Global prepaid and gift card processor and program manager providing technology, distribution and processing infrastructure — directly analogous to QwikCilver's backend processing role.

10Paytm (One97 Communications)
TypeBroad incumbent
Description

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

Each record includes

Headline, Details, Source

Weaknesses4 records

Each record includes

Headline, Details, Source

Competitive moat3 records

Each record includes

Type, Details

Key risks5 records

Each record includes

Headline, Details, Source

Key highlights5 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Segment1 record

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile1 record

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
Yes
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles4 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

No data
No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds3 records

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors4 records

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

QwikCilver Solutions

Gift Card Processing Platformqwikcilver.com

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.

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

  • Stored value cards
  • Gift card processing
  • Prepaid card solutions
  • Co-branded gift cards
  • Card distribution platform

Where QwikCilver Solutions is headquartered

Location

Headquarters

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

  1. 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 offering

Core 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 profile

Segments1 record

Ideal customer profiles1 record

QwikCilver Solutions technology and API

Technology

Technology focussed Yes

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

QwikCilver Solutions partnerships and signals

Strategic signal

Recent moves4 records

Expansion highlights3 records

QwikCilver Solutions competitors and assessment

Company assessment

Direct 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 presence

QwikCilver Solutions financial estimates

Financial estimate

Revenue estimate

Valuation estimate

QwikCilver Solutions leadership team

Management profile

Number of profiles

Profiles4 records

QwikCilver Solutions funding detail

Funding detail

Funding 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 investment

M&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.

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Live signals
Pine LabsPine Labs signs definitive agreement to acquire Qwikcilver for USD 110 millionPine Labs has signed a definitive agreement to acquire Qwikcilver for USD 110 million. This transaction represents a strategic expansion for Pine Labs within the payment technology sector. The deal is currently in the signing phase with completion details pending.PR NewswirePhilippines Gift Card and Incentive Card Intelligence and Future Growth Dynamics, 2019-2023 and 2024-2028: Total Spend Across 13 Product Categories and 7 Retail SectorsThe Philippines gift card market is projected to grow by 10.8% annually to reach US$0.7 billion in 2024, with a compound annual growth rate of 9.0% forecast through 2028. India-based Qwikcilver (owned by Pine Labs) entered into a strategic partnership with foodpanda in December 2023 to launch gift cards across foodpanda's 11 markets, including the Philippines. Additionally, PLDT Inc. expanded its TINBO platform with gift vouchers in December 2023, and Paranaque City Government disbursed Christmas gift cards to 15,000 individuals with disabilities, highlighting growing adoption of gift cards across corporate and government channels.StartupstorymediaGift card startup Qwikcilver Solutions completes merger with Pine LabsPine Labs, a merchant commerce omnichannel platform, announced on September 24, 2022 that it had completed its merger with gift card startup Qwikcilver Solutions, consolidating into a single legal entity, Pine Labs Private Limited. Existing Qwikcilver products and cobranded prepaid payment instruments will continue operating under the same brand name.PR NewswireIndia Gift Card and Incentive Card Market Report 2022: Market is Expected to Grow by 20.4% to Reach $6,672.4 Million in 2022 - Forecast to 2026Research and Markets released a market intelligence report projecting India's gift card market to grow 20.4% annually, reaching $6,672.4 million in 2022 and $12,508.7 million by 2026, with a CAGR of 17.0% over the forecast period. The report highlights strategic partnerships driving market growth, including Qwikcilver's collaborations with Vistara to launch travel gift cards and with Airlink for Southern African airline gift cards, as well as LIC Card Services' partnership with IDBI Bank to introduce the Shagun contactless prepaid gift card. The growth is attributed to rising e-commerce adoption, increasing smartphone penetration, and innovation in digital payment solutions including buy-now-pay-later options on e-gift cards.PR NewswirePhilippines Prepaid Cards Market Report 2021: Market is Expected to Grow by 17.7% to Reach $3.82 Billion in 2021 - Forecast to 2025Research and Markets released a report forecasting the Philippines prepaid card market to grow by 17.7% in 2021, reaching $3.82 billion, driven by government initiatives promoting digital payments. The article highlights strategic moves by companies such as Pine Labs expanding into the Philippine market via its subsidiary Qwikcilver, and PayMaya integrating the national QR Ph standard to accelerate cashless adoption.FinSMEsPine Labs to Acquire Qwikcilver for, US$110MPine Labs is acquiring Qwikcilver for $110M, subject to closing conditions. The combined gift solutions business will serve over 250 brands and 1,500 enterprise customers, with Qwikcilver managing $1.5B in annual gross transactions. Qwikcilver's CEO Kumar Sudarsan will join Pine Labs' leadership team.PR NewswireQwikcilver bringt 80% der wiederholten Transaktionen auf Woohoo mit CleverTap voranQwikcilver, India's leading gift card technology company, has achieved 80% repeat transactions among its loyal customers on its www.woohoo.in platform and Woohoo Gifting App through CleverTap's customer lifecycle management and marketing automation platform. The company, which processes 9 out of 10 gift cards sold in India, the Middle East, and Southeast Asia with an annual transaction value of $1.5 billion, attributes this growth to targeted and personalized omni-channel marketing campaigns without significant customer acquisition spending. CleverTap's Real Impact measurement dashboard enables Qwikcilver to attribute marketing ROI to business metrics including return per user, conversion, and retention.PR NewswireQwikcilver aciona 80% de transações repetitivas no Woohoo com CleverTapCleverTap announced that its client Qwikcilver achieved 80% repeat transactions on its Woohoo.in platform and Woohoo Gifting App as a result of omnichannel marketing campaigns powered by CleverTap's customer lifecycle management platform. Qwikcilver, founded in 2006 and operating primarily in India, the Middle East, and Southeast Asia, processes approximately $1.5 billion in gross transaction value annually and powers 9 out of 10 gift cards in those regions. The partnership, now in its third year, also leverages CleverTap's Real Impact dashboard to attribute marketing spend to key business metrics such as revenue per user, conversion, and retention.PR NewswireQwikcilver impulsa las transacciones repetitivas en el 80 % de sus clientes en Woohoo gracias a CleverTapCleverTap, a customer lifecycle management platform, announced that its client Qwikcilver has increased repeat transactions to 80% of its customer base on its Woohoo platforms through omnichannel marketing campaigns. Qwikcilver, founded in 2006 and serving major retail and service companies across India, the Middle East, and Southeast Asia, powers 9 out of 10 gift cards sold in these regions and manages $1.5 billion in annualized gross transaction value. The global gift card and loyalty card market is projected to reach $506 billion by 2025.PR NewswireQwikcilver atteint 80 % de transactions répétées sur Woohoo grâce à CleverTapCleverTap announced that its client Qwikcilver, a leading gift card technology provider, achieved 80% repeat transaction rates among customers on its Woohoo platforms (www.woohoo.in and Woohoo Gifting App) through omnichannel marketing campaigns. Qwikcilver, which manages $1.5 billion in annualized gross transaction value, is the largest end-to-end prepaid gift card provider serving major retail and service brands across India, the Middle East, and Southeast Asia. The three-year partnership enables Qwikcilver to measure marketing ROI and build a sustainable customer base without excessive acquisition costs.