Merchant commerce omnichannel company, Pine Labs acquires a proprietary enterprise platform from Bengaluru-based Saluto Wellness Private Limited for an undisclosed sum to bolster its issuing business.
This acquisition will boost the capabilities of Pine Labs’ Issuing Business under the Qwikcilver brand. The company said it will enable to strengthen its offerings across employee rewards and recognition, customer loyalty programs, and channel partner programs for medium and large enterprises.
Pine Labs has a leading presence in India in prepaid, stored value, and gift card solutions through its 2019 acquisition of Qwikcilver, an entity that merged with Pine Labs in September 2022. Saluto Wellness was co-founded by Siva Kumar and Anoop Nambiar in 2017.
Kumar Sudarsan, President, Issuing Business, Pine Labs, said “With Saluto’s platform, we expect to further enhance our leadership across Enterprise Rewards, Recognition, Incentive & Engagement programs. Saluto’s multi-tenant, enterprise grade offering will give us additional capabilities complementing our strengths.”
He further added, “Their solution, integrated with our offerings, will help us deliver more programs to our existing enterprise clients – resulting in larger and more long-term engagements. Leadership team at Saluto has over 40 years of collective experience across rewards, incentives, loyalty.”
K. Siva Kumar, Co-founder and CEO of Saluto Wellness, said “Our enterprise solutions are today being used across diverse industry verticals and we are excited to become part of a fast-growing, progressive fintech like Pine Labs and together scale our business further. We have already established a good working relationship with the Pine Labs team and look forward to being a driving force to further Pine Labs’ leadership in this space with innovative outcomes”.
The loyalty program market in India is expected to grow at a CAGR of ~15% over the next decade, and projected to reach US$ 10.8 billion by 2031, from nearly US$ 3Bn in 2022, as per Future Market Insights.