June 21, 2024

Mergers & Acquisitions

The merger between Pine Labs and Qwikcliver is now completed

The Unicorn Pine Labs made news in March 2019 by acquiring digital card setup Qwikcilver Solutions for $110 Mn. Qwikcilver PPIs will now be issued under the name of Pine Labs.

According to the startup, Qwikcliver will continue with its existing products, programmes and platforms. Speaking about the acquisition, Kumar Sudarsan, president of Issuing Business, Pine Labs, says that both Pine Labs and Qwikcilver have built a strong business relationship post the acquisition in 2019. The merger will bring in a new era of growth, innovation and further strengthen the relationship for their business both in India and abroad.

Qwikcliver was founded in 2008 by Bhaskar Vasudevan, Kumar Sudarsan and TP Pratap. It offers a variety of card-based services and interventions, including prepaid, discounts, digital and loyalty gift cards to various industries such as eCommerce, airlines, hospitality, and large corporations.

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