Future Enterprises has acquired a majority stake of 54% in LivQuik Technology which operates the mobile wallet QuikWallet for Rs 20 crore, according to BSE filings accessed by MediaNama. Future Enterprises will provide and additional Rs 5 crore if needed. QuikWallet had previously raised about $2.1 million in funding in 2013 and 2015.
QuikWallet provides user facing mobile wallet and enterprise payments gateway services. It had a turnover of Rs 1.6 crore in FY 2017-18.
As of August 2017, Future Group, had 1.2 million users for its mobile wallet. The Future Pay wallet is essentially linked to the Oxigen wallet since the Future Group doesn’t have a wallet license from the RBI. The wallet works for all Future Retail stores (including Biz Bazaar, Hometown, ezone etc), and links all coupons, loyalty cards in a single app, apart from also providing comparison shopping and virtual receipts.
Future Group’s investments
- In January this year, Snapdeal’s parent company Jasper Infotech sold its logistics arm — Vulcan Express to Future Group’s supply chain solutions subsidiary for Rs 35 crore.
- In June, Future Group said that it would start its hyperlocal grocery delivery.
- A month later in July, Future Lifestyle Fashions, a subsidiary of Future Group said it was investing approximately Rs 140 Crore in online fashion retailer Koovs for a 29.9% stake.
- Google and Paytm Mall were reportedly is talks to pick up a 7-10% stake in Future Retail, which runs 1,035 stores across 250 cities. Other players like Amazon, Alibaba and Walmart were also interested in such an investment. More here.