Qwikcilver raises funding, to invest in scaling growth

Gift card and prepaid solutions company Qwikcilver has announced that it has raised an undisclosed amount of funds from Sistema Asia Fund Advisory, a proprietary fund floated by Sistema JSFC, and existing investors.

The company will use the funding to further invest in scaling the Gift Card category through innovations, R&D and expand into new geographies in Middle East and South East Asia and scale its growth, it said in a statement here.

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

Qwikcilver's technology is deployed across more than 500 cities and towns in over 10,000 premium brand stores, ecommerce portals and mobile platforms.

Qwikcilver Network claims 300 per cent growth year-on-year for the last 4 years and currently processes over 50 million transactions across physical cards, digital cards and mobile-based engagements across card transactions annually.

Qwikcilver has entered the B2B & B2C gifting segments through Woohoo and is driving consumer adoption with the e-commerce platform Woohoo.in and Woohoo App.

Woohoo.in, a gift card superstore, is a one-stop destination for corporates, institutions and consumers for personal and occasion-based gifting.

It allows them to send and receive gifts across more than 500 cities with the choice of over 150 trusted brands both offline and online.