Sistema Asia Fund, a corporate venturing subsidiary of conglomerate Sistema, has led a $10m round for India-based gift card technology provider Qwikcilver, Economic Times reported yesterday.
Amazon Asia-Pacific, a subsidiary of US-based e-commerce firm Amazon, also invested in the round, as did venture capital firms Accel India and Helion Venture Partners. Sistema provided between $4.4m and $6m of the funding, a source told ET.
Qwikcilver produces specialist stored-value gift cards for corporate and retail customers. It plans to use the funding as the basis for an expansion into the Middle East, Southeast Asia and Australia and is accordingly in the process of forming partnerships in those regions.
Amazon led Qwikcilver’s $10m series A round in late 2014, acquiring a 15% stake in the process. Helion and Accel had already provided it with an undisclosed amount of seed funding.