Google Pay has partnered with Pine Labs-owned Qwikcilver to make entry into the digital gift cards space. Qwikcilver’s consumer arm Woohoo, under the partnership, will list on Google Pay’s in-app store Spot. The two firms will also create exclusive offers and campaigns, and even look at introducing gifting solutions for the kirana economy and local SME. Qwikcilver currently works with over 250 merchants in India — Amazon, Flipkart, Bigbasket, MakeMyTrip, Shoppers Stop, PVR etc.
The demand for cloud-based software as a Service and digital apps witnessed a north swing, as the pandemic push has all-time increased the demand for digitisation. SaaS companies and digital apps, according to data by Tracxn, raised around $2.10 bn in funding between Jan- Oct, compared to $1.70 bn in 2019. Top funds were raised by Postman ($150 mn), Freshworks ($250 mn), High Radius ($125 mn), Pine Labs ($85 mn), Khatabook ($60 mn).
1. Postman: a software company with a focus on API development; valued at around $2B. 2. Pine Labs: a Microsoft-backed point-of-sale service provider valued at $1.5B. 3. UnAcademy: one of India’s leading ed-tech startup with a valuation close to $1.5B. 4. Nykaa: a beauty and fashion startup valued at $1.2B. 5. Razorpay: a fintech startup with over 5M merchants; valued at $1B. 6. Zerodha: a fintech startup valued at $1B.