IPO-bound fintech unicorn Pine Labs has acquired enterprise platform Saluto Wellness Pvt. Ltd. for an undisclosed amount.
Sequoia-backed Pine Labs offers solutions to merchants across sectors such as electronics, food, and beverage, fashion, pharmacy, telecom, and airlines. In 2019, it acquired Qwikcilver, a brand through which it offers prepaid, stored value, and gift card solutions to companies in sectors such as e-commerce, fast-moving consumer goods, banking, and financial services sector among others.
The deal will help Pine Labs to improve its issuing business Qwikcilver’s offerings across employee rewards and recognition, customer loyalty, and channel partner programs for medium and large enterprises.
With Saluto’s platform, we expect to enhance our leadership across enterprise rewards, recognition, incentive, and engagement programs,” Kumar Sudarsan, president – of issuing business, at Pine Labs, said. “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.”
Founded in 2017 by Siva Kumar and Anoop Nambiar, Bengaluru-based Saluto offers a digital platform to companies to improve engagement with employees, consumers, and channel partners. It designs programs for employee rewards, recognition, wellness, customer referrals, promotions, and loyalty, among others.
“Our enterprise solutions are today being used across diverse industry verticals and with this acquisition by Pine Labs, we will be able to scale our business further,“ said K Siva Kumar, chief executive, of Saluto Wellness.
In March last year, Pine Labs had raised $50 million at a $5 billion valuation from Vitruvian Partners. Prior to that, it had raised around $150 million from Alpha Wave Ventures in a funding round.
The company has since acquired stakes in multiple companies. It acquired Bengaluru-based Setu, an API (application programming interface) infrastructure fintech startup for $70 million to $75 million in June 2022 and payment solutions provider Mosambee in April 2022.
