India: Pine Labs acquires QwikCilver in $110m deal, Sistema Asia Fund exits

Photographer: Munshi Ahmed/Bloomberg

Sistema Asia Fund (SAF), the venture capital fund floated by Russian conglomerate Sistema PJSFC, has made its first exit by selling its stake in Bangalore-based e-gifting platform QwikCilver, the fund announced on Tuesday.

It sold the stake to point-of-sale (POS) payment solution companyPine Labs, which separately announced the acquisition of Amazon-backed QwikCilver for $110 million on Tuesday. The company said the transaction was funded using cash reserves and additional funding from existing investors.

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