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.