Kumar Sudharshan and his prime supporter T P Pratap, have more than 22 years of involvement in the IT business. The BITS Pilani the IT business. The BITS Pilani graduates saw an open door in the blessing card fragment and began Qwikcilver in 2006. The organization now oversees more than 12 million exchanges a year. Sudharshan addressed TOI about the blessing card space and their organization’s development.
How has the blessing cards class become throughout the years? Is it still a corporate as opposed to a purchaser business?
The blessing card class has been growing 2.5 times year-on-year.The opportunity is huge and the vast majority of the business is still in the corporate section. Blessing cards are still under 2% of aggregate gifting in India yet there is a ton of potential to develop on the customer side and we’ve propelled Woohoo cards to target them. It is the quickest developing fragment.
What stake does Amazon have in Qwikcilver at this moment? Will the wallet permit affect you?
Amazon has a minority stake and is among our main 10 customers.Other significant clients are retail chains like Shoppers Stop, Lifestyle, BigBazaar, Croma, Amazon, Flipkart and Oberoi. We oversee blessing cards worth Rs3,000 crore. The organization with Amazon has helped us in wrinkle our believability glob partner and address inquiries concerning our specialized skill. With respect to their wallet, we were supporting and helping them for the permit. Our RBI permit is to issue a prepaid instrument and we was in the blessing card section.
How could you hit upon the blessing card business?
We needed to manufacture an item out of India. We had a few strategies for success and found that the blessing card business was tremendous in the US and it stuck in our brains. Perhaps in light of the fact that we had an installment business foundation. We needed to clarify what blessing cards are to individuals. It was difficult to persuade clients that we would deal with their cash on a multi-inhabitant cloud. Now and then when we think back, it appears as though we were imbecilic to go up against every one of these difficulties. Our first extensive retail customer was Landmark and our first client was Printo.
What did you realize amid the initial couple of years of business?
We would not like to go out on a limb with other individuals’ vocations thus did not procure anyone for a long time.We dove into our investment funds, and in 2008, shut wander subsidizing. We are EBITDA (profit before intrigue, assessments, devaluation and amortization) positive. Nothing occurs without any forethought. Winning the trust of clients is a major test and once you do it, things become alright. We committed errors yet were never allured by others raising huge amounts of cash or giving rebates. We had the correct harmony amongst work and life and we never had anyone abandon us from the top initiative position.