Ecommerce marketplace Amazon has purchased a 15 percent stake in Bangalore-based gift card technology and retail firm QwikCilver Solutions, while leading a funding round USD 10 million. Existing investors Helion Venture Partners and Accel Partners also participated in the fund raise. QwikCilver confirmed the news to iamWire.
In October, we had reported that Amazon was having plans to acquire 20 percent stake in QwikCilver Solutions, looks like it settled for a little less. This is Amazon’s first investment in an Indian startup.
“The funds deployments would fundamentally be in areas for driving adoption of the Gift card category – with new product Initiatives in mobile centric launches, corporate marketing initiatives, new market forays, strategic corporate programs and scaling our QwikCilver technology and thought leadership to reinforce our global standards enterprise class product suite,” said Qwikcilver’s Co-Founder and Chief Marketing Officer T P Pratap.
QwikCilver was founded in 2008 and is known for providing gift card business to several retailers like Shoppers Stop, PVR, Lifestyle, Van Heusen, Westside and Croma. It plans to reach INR 1,000 crore in overall transactions this fiscal. The firm also offers gift cards of online players like Flipkart etc.
Recently Flipkart had also tried to acquire the company but talks have progressed further with Amazon. And, Amazon had promised to let the team run QwilCilver as a separate business where they can continue to service other clients. Let’s see if that really happens.
Image Source: QwikCilver