Qwikcilver

E-gifting platform Qwikcilver has launched a gift card exchange program to enable users to sell and buy gift cards on its app Woohoo. Users can now also convert unused or partially used gift cards to cash on the app, as well as convert loyalty points generated from various loyalty programs of banks etc., to digital gift cards that can be sold on the app’s marketplace.

Users need to download the Woohoo app and login to list and price gift cards. Verified buyers can then purchase this card, the amount of which is credited to the seller’s bank account. The company claims to carry out secure transactions – disabling the seller from using the gift card once it is sold. As of now the feature is available only on the Android app, and is ‘coming soon’ to the website.

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.

Qwikcilver funding: Last month, Qwikcilver 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 said then that it would use the funds for scaling its gift card category and growth, research and development and expansion to the Middle East and Southeast Asia.

Qwikcilver financials: 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.