Bangalore-based gift card technology startup Qwikcilver is planning to expand to Russia and Southeast Asia, to leverage its investor network to tap into the new markets, reported ET.
QwikCilver was founded in 2008 by Kumar Sudarsan, TP Pratap and Bhaskar Vasudevan, all three alumni of BITS-Pilani. The startup provides end-to-end stored-value-card solutions to retail and corporate customers. It enables the retail customers to enhance their sales, brand and loyalty through card-based interventions, such as Gift Cards, Loyalty Cards, Discount Cards, Frequency Cards, Credit Cards and more. Qwikcilver also enables its corporate customers to derive operational efficiencies through multi-purpose corporate campus card programs, employee incentives, and benefits card programs.
In July 2016, the company raised Rs 67 Cr. from investors led by Sistema Asia Fund, the proprietary fund of Russian conglomerate Sistema. “We are backed by the board now to venture outside of India and have inbound interest from retail players for the Russian market. We are also looking to set up a subsidiary in Singapore for our expansion in Southeast Asia,“ said Qwikcilver co-founder TP Pratap.
The Singapore subsidiary, to be helmed by Sadiq Ahamed, vice-president at Qwikcilver, will be managed by the Indian team.
Currently, the startup is operational in West Asia and has tie-ups with online electronics retailer Sharaf DG, franchisee businesses of Al Futtaim group, Lulu chain of malls and others across Gulf Cooperation Council countries including the UAE, Saudi Arabia, Bahrain, Oman, Kuwait and Qatar.
“Our Europe market strategy will be different as we will be working with IT service partners and offering our software-as-a-service product to retailers as a bundled offering. This includes closed and semi-closed loop wallets and payment platform,“ said Pratap.
The company has also tied up with a US-based point-of-sale provider, which reportedly has a large client base in retail stores across West Asia.