Bangalore based QwikCilver Solutions, a provider of gift cards and stored value card based solutions said it plans to raise Rs 50 crore-Rs 75 crore in the next two years as it wants to scale its operations.
The company targets to enter 400 newer cities in India and international markets like UAE, Malayasia, Singapore, Indonesia and North Africa.
The smart card technology company provides the technology platform to its partner brands like Shoppers Stop, Titan, PVR Cinemas, Westside, Lifestyle and many other retail brands through SaaS based enterprise class technology product platform.
It also has on offer pre-paid gift cards for its customers under the brand GiftBig. The company drives in revenues of about 1 to 1.5 per cent of the total value per transaction.
Through its technology platform it is facilitating more than 100 brands currently and about 120 brands through GiftBig. It has under its wing a count of more than a million transactions in a month.
"15-25 per cent of our revenues come through our ecommerce portal, 25 per cent comes in through GiftBig while about 50-60 per cent is derived from the digital currency unit. This is a fast paced market and we are poised to make a good headway in this industry. The current annualised market for gift cards and gift vouchers pre-paid category is about Rs 2000 crore and slated to grow to Rs 9,000 crore by 2016. We stand at Rs 100 crore till last year and our immediate goal is to reach Rs 600 crore by 2014," T P Pratap, co-founder, Qwikcilver said.
How does Qwikcilver plan to achieve this goal? Answers Pratap, "More than 50 per cent of our existing customers are fast migrating from vouchers to gift cards that is from manual process to electronic managed process which will bring in good business for us. And, there will be more revenues coming in through the same category from new customers."
The company has received two rounds of funding from Accel Partners & Helion the last four years and is now looking forward to the next round to be able to achieve its expansion plans.
