Amazon India is in advanced talks to acquire about 20 per cent stake in gift card technology and retail firm QwikCilver Solutions, as media sources have reported.
QwikCilver, which provides backend technology for the gift card business of several retailers including Shoppers Stop, Lifestyle, Westside and Croma, has also been coveted by Flipkart, according to these sources, but talks have progressed further with Amazon.
The valuation of this acquisition is still not disclosed. However, the media sources have indicated that the valuation will be about two to three times the projected net income plus a premium of about 20 per cent as this is a strategic investment.
