Future Enterprises acquires 55 percent stake in LivQuik

By

Maverick Martins

Published
Oct 11, 2018

Future Group firm Future Enterprises has acquired 55 percent stake in fintech startup LivQuik Technology (India), which operates QuikWallet.

Future Enterprises will pay around Rs 25 crore ($3.4 million) to become a majority stakeholder in LivQuik and the acquisition is expected to be completed by 2020.
 
Through this majority investment, Future Group wants to accelerate its Retail 3.0 strategy dubbed ‘Tathastu’ starting with Future Pay. The acquisition will help Future Group strengthen its digital payments service across multiple formats of the group like Big Bazaar, Central, Brand Factory, Ezone, Fbb, and others.

Future Group had unveiled its digital model Retail 3.0 in November last year and is expecting the model to help the firm hit the $1 trillion (Rs 64 lakh crore) mark in the next 30 years.
 
Commenting on the acquisition, Kishore Biyani, founder of Future Group, in a statement 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."
 
Future Group is the parent of four listed retail entities Future Retail, Future Lifestyle Fashion, Future Consumer Ltd and Future Enterprises Ltd with total revenue of $4.4 billion.