Amazon to acquire QwikCilver

Amazon India is set to acquire its first company in India. It has in last stage of talk to buy stake in gift card technology and Bangalore-based retail firm QwikCilver Solutions. It will Amazon’s first big step to invest in Indian startup.

Economic Times quoted a source saying, “Amazon could pick up about 20% in QwikCilver.” However it is yet not clear how much money Amazon is going to pay to have the deal.

The QwikCilver Solutions was founded by Kumar Sudarsan, TP Pratap and Bhaskar Vasudevan in 2008, which provides backend technology for the gift card business of several retailers including Shoppers Stop, Lifestyle, Westside and Croma. QwikCilver’s online site GiftBig also sells gift cards of various companies including Amazon and Flipkart.

Earlier the news came that Flipkart was interested in buying the stake in The QwikCilver, but it chose to go with Amazon.

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