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The Indian digital payment industry has been posting strong growth in both value and volume term over the last two years. As a result, cash transaction in the country has been progressively fading. In India, start-ups are playing big role in promoting digital payment, especially gift cards market. The Indian gift cards market is growing exponentially and 90% of the consumer engagement belongs to a 2008 founded firm called Qwikcilver. The gift cards and voucher market in India stands for US$ 1 billion and it is expected that it will reach US$ 3.4 billion by 2020.
Qwikcilver, a Bangalore based start-up, recently raised significant funding. The round was led by Sistema Asia Fund which is the proprietary fund of Russian conglomerate Sistema. The amount raised in this particular round was US$ 10 million for further expansion.
Qwikcilver, however, has not revealed the exact amount of funding by all investors. Apparently further investment amount is yet to be announced from other investors. The company has plans to utilize the raised funds for R&D, for expansion into newer geographies such as Middle East and South East Asia and scaling its growth in gift card category.
Qwikcilver is an Amazon-backed gift card provider which has witnessed a growth of 300% YOY for the last four years. It is a cloud hosted SaaS technology platform with more than 500 brands as partners. Qwikcilver currently manages over 50 million annual transactions across physical cards, digital cards and mobile payment platforms.
The company has obtained the RBI licence for semi-closed loop prepaid payment instruments. It provides stored value card-based solutions customers which are majorly retailers, service providers and corporate.
To know more and gain deeper understanding of gift card industry in India, click here
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