Photonic applications of semiconductor quantum dots (QDs) had significant drawbacks due to their ultrafast Auger decay of multiple excitons. These nonradiative processes have hindered the performance of electroluminescent and lasing devices. The emergence of the colloidal quantum well (QW) architecture where semiconductor quantum shell with an inverted QD geometry has led to suppressed Auger recombination. Ultra long biexciton lifetime (>10 ns) and large biexciton quantum yields has been achieved through spatial separation promoted by the QW geometry. Moreover, architecture induced exciton-exciton repulsions have led to the splitting of exciton and biexciton optical transitions which resulted in the single exciton gain mode along with the biexciton gain mode. High biexciton lifetime and the longest reported single exciton gain lifetime (>6 ns) has rendered this geometry a worthy candidate for the development of optically and electrically pumped gain media