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.
- Indian crypto exchanges plan to collect identity details for crypto transfers to private wallets: Report June 3, 2023
- Jugalbandi, A Chatbot for Rural India by Microsoft and EkStep: What to Know and Think About? June 3, 2023
- Hopeful to See Action Against E-Pharmacies Selling Medicines Online Without Licenses: Pharmacy Body Writes to States and UTs June 3, 2023
- Meta to give advertisers more control using AI and content filters June 2, 2023
- Transparency Report: Here’s all Facebook, Instagram, Twitter and Google had to say about user complaints in April June 2, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Is it safe to consider all "publicly available data" as public?
PhonePe launched an e-commerce buyer app for ONDC called Pincode. We, however, believe that it should also launch a seller app.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...