Bangalore based e-gifting platform QwikCilver Solutions has raised an undisclosed amount of funding led by Sistema Asia Fund Advisory and participation from existing investors, although it does not name the existing investors. It will use the funds for scaling its gift card category and growth, research and development and expansion to the Middle East and Southeast Asia.
Economic Times reports that the size of the deal is $10 million and investors include Sistema, Amazon Asia-Pacific, Accel India and Helion Venture Partners.
Previous funding: In January last year, Qwikcilver raised $10 million led by Singapore-based Amazon Asia Pacific and Accel Partners and Helion Venture Partners, with Amazon picking up a 15% stake in the e-gifting platform. In November 2014, it was indicated that this was a strategic investment for Amazon India, giving it access to Qwikcilver’s semi closed wallet system which secured a 5-year prepaid mobile wallet license from RBI in August 2013.
Junglee gift cards: In February last year, Amazon India’s e-commerce & price comparison portal Junglee introduced gift cards on its platform. Junglee claimed to offer over 1,400 physical and more than 400 e-gift cards from 180 brands and retailers.
As of now, Qwikcilver is present in 500 cities and towns, across 10,000 brand stores, ecommerce portals and mobile apps. It claims to have a 90% share in ‘customer engagement’ across 150 brands and retailers. The company claims to process 50 million transactions across physical and digital cards and mobile card transactions every year.
Based on ROC data, for financial year 2015-14, Qwikcilver reported revenues of Rs 29.23 crore, over losses of Rs 11.33 crore. For 2013-14, revenues were at Rs 5.92 crore over losses of Rs 6.31 crore. Its losses in 2012-13 were Rs 5.42 crore.
Previous Qwikcilver developments:
– In September last year, Qwikcilver tied up with Citrus Pay to enable its users to pay with the Citrus wallet in 5,000 online and offline stores across categories via the Woohoo app.
– In August last year, the company launched e-gift and gift card store Woohoo.in, consolidated from its previous offering GiftBig.
– In April last year, Quikcilver launched a loyalty rewards points, gift card and virtual wallet app called Woohoo.
– In March 2015, Sanjay Tambwekar joined QwikCilver as its CTO.