Singapore-based merchant platform company Pine Labs has agreed to buy Indian gift card technology company Qwikcilver in a deal valued at $110m.

Founded 2006, Qwikcilver said to process nine out of every 10 gift cards in India.

Qwikcilver, which is backed by ecommerce giant Amazon, manages an annualised gross transaction value of $1.5bn across India, the Middle East and south east Asia.

Pine Labs claims that the combined gift solutions business will be the largest in India. It will have a client base of more than 250 brands and retailers, and 1500 enterprise customers.

Pine Labs CEO Vicky Bindra said: “According to market estimates, gift, as a category, is growing at a high double-digit rate annually. Qwikcilver’s technology and market expertise will help us scale up this business and we are delighted to welcome it into Pine Labs.”

Furthermore, four years ago, Pine Labs launched its own gift solutions business Pine Perks. Currently, its gift cards are used by 600 companies across banking, insurance, manufacturing, pharmaceutical, FMCG and telecom verticals.

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As part of the agreement, Qwikcilver co-founder and CEO Kumar Sudarsan will join the Pine Labs leadership team following the completion of the deal.

Sudarsan said: “We have also built a strong network and enduring strategic brand relationships with the best brands in India, in the Middle East and in the South East Asian markets. With Pine Labs, we have the potential and ability to significantly scale the gift card category and drive consumer adoption with novel products and solutions.”

Pine Labs, which is backed by the likes of Sequoia India, PayPal, Temasek, and Sofina, processes annualised payments of $20bn.