Kishore Biyani backed Future Enterprises Ltd has consented to buy a majority share in LivQuik Technology (India) Pvt. Ltd, a Mumbai-based startup that works as QuikWallet.
Future Enterprises said in a regulatory filing it has signed pacts to buy 54.98% of Mumbai-based LivQuik. It will pay Rs 20 crore ($2.7 million) for the stake and Rs 5 crore also, whenever required. The securing will be finished in a time span of two years, it said.
The QuikWallet mobile wallet technology empowers customers to pay at retail outlets, hotels and restaurants straightforwardly from their mobile phones. It works with technologies like near field communication (NFC) and quick response (QR) codes. It stores clients’ card data, locks it safely with a password and let them pay with a couple of taps.
The organization co-founded by Mohit Lalvani (CEO), Yudhajit Nag Sen (CTO), Vinay Pinto (vice-president – technology) and Suma Bhattacharya (advisor) in April 2012.
LivQuik had raised an undisclosed amount in funding from Snow Leopard Technology Ventures in 2013. It secured $1.6 million from the same investor in 2015.
Future Group is India’s second-biggest brick-and-mortar retailer after Mukesh Ambani-backed Reliance Retail. It works the hypermarket chain Big Bazaar, general store chain Food Bazaar and gadgets store eZone, among others.
The group has acquired many companies previously in last 5 years to expand its online operations.
It denoted its first acquisition in India’s developing e-commerce industry in 2016 when it purchased Rocket Internet-upheld online furniture store FabFurnish.com in an all-cash deal.
In January this year, Future Group’s store network unit consented to obtain online business organization Snapdeal’s logistics arm Vulcan Express Pvt. Ltd for $5.5 million (Rs 35 crore).
In the course of recent years, Future Group has likewise obtained various retail chains the nation over, including convenience store Big Apple in 2012, and south India-based Nilgiri’s chain in November 2014. In October a year ago, Future Retail consented to purchase Hypercity Retail from Shoppers Stop.