Future Enterprises acquires majority stake in fintech startup LivQuik

Kishore Biyani’s Future Group led Future Enterprises has acquired a majority stake amounting to 54.98 percent in fintech startup LivQuik which operates QuikWallet, an RBI-approved Prepaid Payment Issuer and additionally provides payment gateway and enterprise fintech software development services. The acquisition will be completed within two years during which Future Enterprises will pay Rs 20 crore for the stake and Rs 5 crore additionally if required, the company said in a statement.

Through this majority investment, the Group will accelerate its Retail 3.0 strategy dubbed ‘Tathastu’ starting with Future Pay, the Group’s digital wallet, which has an active user base of over 6.5 million and is growing rapidly and works across multiple formats of the group like Big Bazaar, Central, Brand Factory, eZone, Food Bazaar, fbb, Easyday Club, Hypercity, Heritage Fresh and Nilgiris. Future Pay also includes a special feature called Price Match which compares the prices of the items purchased to the advertised prices of other stores.

“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,” said Kishore Biyani, founder of Future Group.

Source:-https://retail.economictimes.indiatimes.com/news/industry/future-enterprises-acquires-majority-stake-in-fintech-startup-livquik/66152097

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