Gift cards company QwikCilver Solutions raises 10-million from Amazon

Gift cards company QwikCilver Solutions raises $10-million from AmazonBangalore based QwikCilver Solutions has raised $10-million (over Rs 60-crore) for a stake under 15% in a round of funding led by Seattle based Amazon. Existing investors Helion Venture Partners and Accel Partners also participated in this round of funding.

Part of the funds will be used towards providing mobile solutions for gifting and is also considering to offer a single company branded gift.

QwikCilver was co-founded by Kumar Sudarsan, Bhaskar Vasudevan, and Kanwaljit Singh. It provides end-to-end stored-value-card solutions to retail and corporate customers.

“The motivation to get Amazon on board was that they will be able to bring in best practices and global strategies to help us scale the sector to the next level,” said Kumar Sudarsan.

Sudarsan confirmed the fund raising but declined to comment on the quantum of funds raised and the stake that Amazon has picked up in the company, as per ET.

QwikCilver has a client base of over 100 retailers and 300 corporate customer base in India offering customized multi-purpose corporate card programs, employee incentives, and benefit card programs. Its client base includes Shoppers Stop, Titan, Raymond, Hidesign, and Westside.