Qwikcilver raises funding, aims to expand internationally

Aiming to further scale up its ‘Gift Card’ category through innovations, Bangalore-based gift card and prepaid solutions company Qwikcilver has raised an undisclosed amount of funds from Sistema Asia Fund Advisory, a proprietary fund floated by Sistema JSFC, and existing investors.

The company said in a statement that it will use the funding in R&D and expand into new geographies in markets in Middle East, Southeast Asia and Australia, where it is currently tying up with brands and merchants.

Kumar Sudarsan, Director & Founder, Qwikcilver, said, “Qwikcilver will continue to work towards scaling the Gift Card category with its cutting edge Product Platform which is of high global standards.”

According to QwikCilver, it provides its cloud hosted SAAS technology for gift cards in more than 500 cities and towns in over 10,000 premium brand stores, e-commerce portals and mobile apps.

Founded in 2008 by Kumar Sudarsan, TP Pratap and Bhaskar Vasudevan, QwickCilver provides end-to-end stored-value-card solutions to retail and corporate customers. It also enables the retail customers to enhance their sales, brand and loyalty through card-based interventions, such as Gift Cards, Loyalty Cards, Discount Cards, Frequency Cards, Credit Cards and more.

Qwikcilver also enables its corporate customers to derive operational efficiencies through multi-purpose corporate campus card programs, employee incentives, and benefits card programs.

Kirill Kozhevnikov, the managing director of Insitel/Sistema Asia Fund Advisory, said, “The commitment and pioneering role of Qwikcilver in establishing its strong leadership of the prepaid and gift card industry in India have been truly unique. The strong credentials and passionate team have helped build and grow a robust SaaS product company based from India.”