Exclusive Interview with : Pratap TP, Co-Founder and CMO at Qwikcilver
Updated on: 17 Jun 2016
The gift cards market in India is growing and Qwikcilver claims to have captured 90 per cent of the Rs 3,000-crore market. Funded by Helion Ventures, Accel Partners and Amazon, Qwikcilver is arguably the only provider of end-to-end solutions in that space that address all the needs of brands and retailers. Pratap TP, co-founder & CMO at Qwikcilver shares with BW Businessworld some trends in the gift cards business in India, their company's strategy and the way forward. Edited Excerpts:
What is the size of the gift cards market in India? What is your market share? How do you see it grow?
The gift cards market in India has been pioneered by Qwikcilver from a zero base. We are indeed delighted to have scaled this fast growing category to over Rs 3,000 crore annually. Qwikcilver has established and reinforced the prepaid gift cards Qwikcilver network in Indian retail - with close to 90 per cent share of the customer engagements across 100+ power brands in 20 consumption categories. The Qwikcilver network has grown by 300 per cent year-on-year for the last 4 years and currently Qwikcilver manages 50 million gift cards. Our product technology is deployed across more than 500 cities and towns in over 10,000 premium brand stores, e-commerce portals & mobile apps, and points of sale across physical cards, digital cards and mobile-based engagements across card transactions annually in 300+ towns and cities.
What's your unique strategy?
Qwikcilver is the only player on the global arena that operates in a truly integrated manner - across offline and online brands, retailers and corporates. The Woohoo Gift Card has grown over the last one year to be India's most preferred gift card portfolio - with its unique experience available for seamless usage via mobile app in India's leading brand stores and portals. The Woohoo Mobile App is the most powerful mobile gifting app in India today and enables consumers to gift to their friends and family instantly via Whatsapp! This is truly a unique experience that has been widely appreciated by gift card fans across India.
Woohoo Mobile App has launched a unique feature for the first time in Asia this month - where users can save their digital gift cards purchased or received from their friends, family or offices on the Woohoo App! This real time mode of storing is a safe and secure protection of their digital gift cards onto their Woohoo App - and they can use it at their chosen brand stores.