Amazon India Exclusive News Startups

Amazon in talks to buy stake in online gift card provider, QwikCilver Solutions

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E-commerce giant, Amazon India is striving hard to compete with other fast growing e-commerce marketplaces that includes Snapdeal and Flipkart. Amazon India is in talks to pick up a minority 20 percent stake in gift card technology and retail firm, QwikCilver as it’s first investment in an Indian start up.

QwikCilver, which was established by BITS Pilani alumni with a seed capital of INR 3 million, provides end-to -end stored-value card solutions to retailers including Shoppers Stop, Lifestyle, Westside and Croma.

QwikCilver holds 90 percent market share in the Gift Card processing technology and and has raised a big amount of funding from Accel partner and Helion Venture Partners. Last year, QwikCilver sold gift cards worth INR 1 Billion and expects INR 5 Billion this year.

Amazon had entered the E-commerce space through a marketplace model in 2013 and had recently announced a $2 Billion investment in its India operations.

India’s investment market is on a roll today. Earlier today, Snapdeal raised a staggering $627 Million through Japan’s SoftBank, which was soon followed a $210 million investment into India-based Uber-like service, Ola Cabs. Later in Evening, UK based New Call announced that it will be buying a 70% stake in vintage IM app, Nimbuzz.

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  • BSE and NSE listed Intrasoft technologies is another e-commerce company with low base($13-million market cap) and unknown look interesting but making some losses like flipkart and snapdeal in online shopping division. It is good only for long term and patience investor.Venture Capitalist Intel Capital is investor of Snapdeal . They have also invested (around 12% holding) in Intrasoft technologies and sees good future of their fast growing online retail shopping 123stores dot com in USA and likely to launch first in Canada then in India. Their another website is the world’s top 3 greeting website. Very soon like Intel some of the other Venture Capitalist investor of FlipKart and Snapdeal like Yuri Milner’s DST Global , Tiger Global, Naspers , Iconiq Capital , Accel Partners, Morgan Stanley Investment Management ,Singapore sovereign-wealth , Nexus Venture Partners , Indo-US Venture Partners ,Bessemer Venture Partners , Kalaari Capita and Qatar Investment Authority will have eye on Intrasoft technologies