Qwikcilver, India’s pioneering Gift Card technology & end-to-end  Prepaid Solutions company, announced that it has raised a new round of funding led by Sistema Asia Fund Advisory, a proprietary fund floated by Sistema JSFC. The funding also had the existing investors in Qwikcilver participating.

Qwikcilver has pioneered the Prepaid & Gift Card category in India with its Cloud hosted SAAS technology platform. The company will use the funding to further invest in scaling the Gift Card category through innovations, invest in R&D and expand into new geographies in Middle east and South east Asia and scale its growth.

Qwikcilver’s technology is deployed across more than 500 cities and towns in over 10,000 premium brand stores, ecommerce portals and mobile apps. Qwikcilver has established and reinforced the Prepaid & Gift Card network in Indian retail, with close to 90% share of the customer engagements across 150+ leading brands & retailers in 25 consumption categories. The Qwikcilver Network has grown by 300% 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.

The Woohoo Gifting Platform launched by Qwikcilver enables  consumers, corporates and institutions  to have unique & novel gifting experiences. Woohoo Mobile App is the most powerful Mobile Gifting app in India today and enables consumers to instantly  gift in a personalized manner to their friends and family  via Whatsapp. Woohoo has partnered with 150+ brands and over 500 corporates & institutions for their employee rewards, channel partner programs and consumer promotions via the Woohoo Gift Card experience by  enabling a realtime & seamless gifting experience at offline stores and online portals in 400+ towns & cities. It has partnered with the biggest retailers, both in-store and online, across categories.

Commenting on the funding, Kumar Sudarsan, Director & Founder, Qwikcilver, said, “We thank all our esteemed brand partners & valued customers who have reposed their strong trust and confidence in Qwikcilver all these years for launching and partnering for the various innovations in the Gift Card category. We are pleased to have Sistema as our new Investor along with all our existing investors participating in this Fund raiser. We see this as testimony & validation of our pioneering presence and leadership in the Gift Card category with our SAAS Technology Product business in  India. Qwikcilver will continue to work towards scaling the Gift Card category with its cutting edge Product Platform which is of high global standards.”

Kirill Kozhevnikov, MD of Insitel/Sistema Asia Fund Advisory added, “We are very pleased to come on board and lead this investment round in Qwikcilver. The commitment and pioneering role of Qwikcilver in establishing its strong leadership of the Prepaid & Gift Card Industry in India has been truly unique. The strong credentials and passionate team has helped build and grow a robust SaaS product company based from India.”

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