Fu­ture En­ter­prises Ac­quires 55% stake in Livquik

Shoes & Accessories - - The Month That Was -

Kishore Biyani-led Fu­ture En­ter­prises Ltd has ac­quired a 55% stake in Mum­bai-based fin­tech startup Livquik Tech­nol­ogy (In­dia) Pvt. Ltd, which op­er­ates the Quik­wal­let mo­bile app.

The Fu­ture Group sub­sidiary said that it in­tends to pick up the re­main­ing stake in the com­pany over the next two years to set up its own pay­ment gate­way for dig­i­tal trans­ac­tions.

Livquik is an Rbi-ap­proved pre­paid pay­ment is­suer, which also of­fers pay­ment gate­way and en­ter­prise fin­tech soft­ware de­vel­op­ment ser­vices. “The ac­qui­si­tion will be com­pleted within two years dur­ing which Fu­ture En­ter­prises will pay ` 20 crore for the stake and Rs 5 crore, ad­di­tion­ally, if re­quired,” the com­pany said in a press re­lease.

With this ac­qui­si­tion, it is likely to use its own back-end as a gate­way. It pro­cesses 65% of its trans­ac­tions dig­i­tally, as com­pared to 3540% in the pre-de­mon­e­ti­za­tion days.

“Fu­ture Group has a very ac­tive and grow­ing user base of con­sumers on the group’s dig­i­tal wal­let. With the ac­qui­si­tion of Livquik we will sim­plify mo­bile trans­ac­tions for our cus­tomers across our net­work in the coun­try,” said Biyani, Fu­ture Group’s chief ex­ec­u­tive of­fi­cer.

It plans to add one mil­lion users per month across for­mats such as Big Bazaar, Cen­tral, Brand Fac­tory, ezone, Food Bazaar, fbb, Easy­day Club, Hyper­city, Her­itage Fresh and Nil­giris, a com­pany spokesper­son said.

Fu­ture Pay also in­cludes a spe­cial fea­ture, Price Match, which com­pares prices of the items pur­chased to the ad­ver­tised prices of other stores.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.