New Delhi: Merchant commerce omnichannel company, Pine Labs acquires enterprise platform from Saluto Wellness for an undisclosed sum to bolster its issuing business. Bangalore-based Saluto Wellness Private Limited is an integrated engagement platform and wellness service provider.
Pine Labs acquires enterprise platform
This acquisition of Saluto Wellness’s proprietary enterpise platform 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 programmes, and channel partner programmes 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.
“With Saluto’s platform, we expect to further enhance our leadership across enterprise rewards, recognition, incentive and engagement programs. Saluto’s multi-tenant, enterprise grade offering will give us additional capabilities complementing our strengths,” said Kumar Sudarsan, President – Issuing Business, Pine Labs.
“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. Leadership team at Saluto has over 40 years of collective experience across rewards, incentives, loyalty,” added Sudarsan.
“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,” said K. Siva Kumar, Co-founder and CEO of Saluto Wellness.
“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,” added Siva Kumar.
The loyalty programme market in India is expected to grow at a CAGR of ~15% over the next decade and is projected to reach $10.8 billion by 2031, from nearly $3 billion in 2022, as per Future Market Insights.