Bengaluru-based Qwikcilver Solutions, a gift card providing tech firm, has received a funding of $10 million, according to the Economic Times. The funding round was led by Sistema Asia Fund, owned by Russia’s private investment firm Sistema.
Others who participated in the fresh and second round of funding include Accel India Helion Venture Partners and Amazon Asia-Pacific, which had together invested $10 million in the first round of funding in December 2014.
Qwikcilver, which provides end-to-end stored-value-card solutions to retail and corporate customers, would use the capital in increasing the value of gift cards to Rs. 4,000 crore, double the present value, in the fiscal year 2016-17.
The tech start-up would also look to expand its services to Middle East, Southeast Asia and Australia. It has already started working on deals in these three regions.
According to ET sources, Sistema alone invested about Rs. 30-40 crore in Qwikcilver.
“The commitment and pioneering role of Qwikcilver in establishing its strong leadership of the prepaid and gift card industry in India has been truly unique. The strong credentials and passionate team has helped build and grow a robust SaaS (software-as-a-service) product company in India,” Insitel/Sistema Asia Fund Advisory Managing Director Kirill Kozhevnikov said.
Sistema had in February started the Asia Fund with $50 million to invest in Indian start-ups operating in technology and consumer retail segments sectors.