Amazon to Buy Qwik Cliver Solutions in First India Acquisition


BENGALURU: Amazon India is in advanced talks to buy a minority stake in QwikCilver Solutions, a gift card technology and retail startup in India. If the deal turns out to be fruitful, the Seattle based Amazon will mark its first investment in an Indian startup, which is the arch rival of India’s Flipkart and Snapdeal in e-commerce industry.

A person who is closely associated with the deal stated to The Times of India that "Amazon could pick up about 20percent of stake in QwikCilver."

Qwik Cliver, a Bangalore-based company has raised  funding from Accel Partners and Helion Venture Partners, who are its two main investors. Its investors were Kumar Sudarsan, TP Pratap and Bhaskar Vasudevan; incidentally all three are alumni of BITS-Pilani.

QwikCilver, provides backend technology for the gift card business of many of the well known retailers including Shoppers Stop, Lifestyle, Westside and Croma. The firm retails electronic and physical gift cards on its online site GiftBig.

"Amazon has promised to let them run as a separate business where they can continue to service other clients, including Flipkart," said a source of ToI.

Amazon’s spokeswoman responded to queries on development that, "We do not comment on anything we may or may not do in the future.”

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