Merchant platform company Pine Labs has completed the previously announced acquisition of gift card solution company Qwikcilver for $110m.
The deal has been financed through internal cash reserves and with additional funding from existing investors, Pine Labs said in its press communiqué.
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As per the terms of the agreement, Qwikcilver co-founder and CEO, Kumar Sudarsan, has joined the Pine Labs leadership team.
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.
Following the completion of the deal, which was first announced in March this year, the combined company now has a gift solutions business comprising 250 brands and retailers and 1500 enterprise clients across India.
Pine Labs, which is backed by the likes of Sequoia India, PayPal, Temasek, and Sofina, processes annualised payments of $20bn.
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By GlobalDataPine Labs launched its own gift solutions business Pine Perks in 2015. Currently, its gift cards are used by 600 companies across banking, insurance, manufacturing, pharmaceutical, FMCG and telecom verticals.
This month, Indian online content platform ZEE5 partnered with Qwikcilver to launch its e-gift cards across major online and retail marketplaces.
