Mumbai: Singapore-based merchant platform company Pine Labs Friday said it has acquired gift solution company, Qwikcilver for $110 million. "We have acquired Qwikcilver for $110 million, funded via internal cash reserves and with additional funding from existing investors," a company statement said. The company is backed by Sequoia India, PayPal, Temasek, Actis Capital, Altimeter Capital, Madison India Capital and Sofina. With this acquisition, Qwikcilver and Pine Labs have a combined gift solutions business comprising 250 brands and retailers and 1,500 enterprise customers. Qwikcilver co-founder and chief executive officer, Kumar Sudarshan, has joined the Pine Labs leadership team, the release said.

Source: Mint April 19, 2019 10:41 UTC