Pine Labs acquires enterprise platform from Saluto Wellness for unknown sum

The deal would help Pine Labs strengthen its offerings across employee rewards and recognition, customer loyalty, and channel partner programmes for medium and large enterprises

Fintech unicorn Pine Labs said it has acquired a proprietary enterprise platform from Bengaluru-based Saluto Wellness Pvt Ltd. This acquisition will boost the capabilities of Pine Labs’ Issuing Business under the Qwikcilver brand. This would help it strengthen its offerings across employee rewards and recognition, customer loyalty programmes, and channel partner programmes for medium and large enterprises. The terms of the deal were not disclosed.

Pine Labs has a leading presence in India in prepaid, stored value, and gift card solutions through its 2019 acquisition of Qwikcilver, whicj merged with Pine Labs last September. Siva Kumar and Anoop Nambiar in 2017 co-founded Saluto Wellness.

“Their solution, integrated with our offerings, will help us deliver more programmes to our existing enterprise clients, resulting in larger and more long-term engagements,” said Kumar Sudarsan, President, Issuing Business, Pine Labs

The loyalty program market in India is expected to grow at a CAGR of 15 per cent over the next decade. It is projected to reach $ 10.8 billion by 2031, from nearly $ 3 billion in 2022, as per Future Market Insights.

“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," said K. Siva Kumar, Co-founder and CEO of Saluto Wellness.