- Prachi Singh |
Future Enterprises Ltd. (FEL), part of the Future Group, has announced the acquisition of a majority 54.98 percent stake in fintech startup LivQuik. LivQuik, the company said, operates QuikWallet, an RBI- approved prepaid payment issuer and additionally provides payment gateway and enterprise fintech software development services. The acquisition, the company added, will be completed within two years during which FEL will pay Rs 20 crores for the stake and Rs 5 crores additionally, if required.
Speaking about the investment Kishore Biyani, founder and CEO of the Future Group said in a statement: “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 the mobile transactions for our customers across our network in the country.”
Through this majority investment, the company said, Future Group will accelerate its “Retail 3.0” strategy called ‘Tathastu’ starting with Future Pay, the Group’s digital wallet, which has an active user base of over 6.5 million; and works across the company’s multiple formats like Big Bazaar, Central, Brand Factory, eZone, Food Bazaar, Fbb, Easyday Club, Hypercity, Heritage Fresh and Nilgiris. Future Pay also includes a feature called “Price Match”, which compares the prices of the items purchased to the advertised prices of other stores.