Kishore Biyani-led Future Enterprises Ltd has acquired a 55% stake in fintech startup LivQuik Technology (India) Pvt Ltd.
The acquisition will be completed within two years. Future Enterprises will pay Rs 20 crores for the stake and Rs 5 crores additionally, if required.
LivQuik operates QuikWallet, an RBI-approved Prepaid Payment Issuer. It additionally provides payment gateway and enterprise fintech software development services.
Kishore Biyani, Founder and CEO of the Future Group, said, "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 investment, Future Group will accelerate its Retail 3.0 strategy called 'Tathastu' starting with Future Pay, the Group's digital wallet.