Pine Labs acquired Bengaluru-based Saluto Wellness Private Limited’s proprietary enterprise platform to boost its issuing business under the Qwikcilver brand. However, the companies didn’t disclose the acquisition amount.
Saluto Wellness offers employee engagement, channel partner engagement, and customer engagement programs. According to a statement, the acquisition will enable Pine Labs to improve its offerings for medium and large businesses in the areas of employee rewards and recognition, customer loyalty programmes, and channel partner programmes. The market for loyalty programmes in India is predicted to reach $10.8 billion by 2031, expanding at a CAGR of about 15% over the following ten years, according to a report by Future Market Insights. The market is currently $3 Bn in size, and major banks, NBFCs, and fintech companies are engaged in competition.