Qwikcilver eyes Middle East for expansion
Loyalty points aggregator Qwikcilver Solutions, which has taken the gifting model to another level in the country during its six years of existence, is expanding its workforce and plans to open a new office in the Middle East. In an interaction with Deccan Herald, Qwikcilver Solutions Chief Operating Officer and Co-founder Kumar Sudarshan said besides expanding its footprint in the country aggressively, the company is also marketing its Woohoo app to give a seamless experience to customers. “We have been evangelising and registering 300 per cent annual growth in the gifting segment with our five million gift cards by tying up with retailers, and thus have built a platform. The next level is to target the mobile market with our woohoo app, which has already been downloaded by 50,000 users. We want to be an omni channel for the corporates to gift and transact through our network,” he said. Overwhelming response The company got queries from GCC (Gulf Cooperation Council) countries and piloted its product platform for the past one year. “Early response from the clients were overwhelming in the region and for the last three months our products are running flawlessly. We started associating with Sharaf DG and Lulu through our gift cards and app. We will look at starting a local office in GCC countries soon,” he said. On the hiring front, he said the company has a team of around 150 right now. “We plan to hire 100 more soon taking into account the growing opportunities in the market and our global requirements,” he said. The company’s Chief Marketing Officer Pratap T P said it will continue to focus on India. “We hold 90 per cent of the gifting market which is likely to grow to Rs 1,000 crore to Rs 3,000 crore within a three-year period. Right now we are witnessing three million transactions valued at Rs 80 crore to Rs 100 crore. We will reach gross merchandise volume (GMV) of Rs 1,000 crore per month by the end of this year,” he said. When asked about its business model, he said the company will use its cards and app as a prepaid instrument. “Besides using for gifting, we will use our digital, physical and mobile cards to play the role of prepaid cash card and aggregate payback points. We are a technology platform where the merchants can use it for their sales campaigns so that more consumers can be roped in,” he said. Pratap said the company gives opportunities for merchants to monitor transactions on a real-time basis so that they can curtail pilferage and make various reports. “We give them analytics like how many shops are doing well, how can they increase the footfalls, who are the premium customers, etc.,” he said. On the B2B (business-to-business) model, he said the company helps corporates issue currency via physical cards. “Here we have 80 brands and more than 1,000 merchants. In online we have tie-ups with various players in the market. Now we have overlaid a B2C (business-to-consumer) segment to tap the Qwickcilver network. Customers can purchase products, and gift their family various currencies like debit cards, loyalty points, payback points, etc.,” he said. When asked about the security features of the cards, he said the company has received payments licence from the Reserve Bank of India (RBI). Qwikcilver raised $10 million in Series-C funding from marquee investors like Helion Ventures, Accel Partners, and Amazon India in 2014.
Source: Deccan Herald