Accel, Helion in funding round for India's Qwikcilver

Sistema Asia Fund led the round, with additional capital coming from Amazon Asia, which previously led a $10 million round for Qwikcilver in 2014 and is also a client of the company. The size of the round was not disclosed, but VCCircle reported that it was about $10 million.

Qwikcilver will use the new capital for research and development, expanding into new geographies such as Southeast Asia and the Middle East, and for scaling its growth. So far the company has sold about INR20 billion ($297 million) worth of gift cards; it hopes to double that number by the end of this financial year.

"We see this as testimony and validation of our pioneering presence and leadership in the gift card category with our SaaS technology product business in India," said Kumar Sudarsan, director and founder of Qwikcilver. "Qwikcilver will continue to work towards scaling the gift card category with its cutting edge product platform, which is of high global standards."

Founded in 2008, Qwikcilver provides stored value card solutions, including gift and prepaid cards, for retailers, service providers and corporate customers. Its technology is used by more than 10,000 retail stores, e-commerce providers and mobile platforms. The company also allows consumers to give each other prepaid cards directly through its mobile payment platform Woohoo, which launched in 2013 under the name GiftBig.

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• Topics
• South Asia
• Financials
• Venture
• Technology
• India
• Helion Ventures
• Accel Partners