Flipkart Acquires Payment Services Firm FX Mart

Industry:    November, 2015

Indian eCommerce giant Flipkart, has acquired payment services start up FX Mart Pvt Ltd. Singapore registered Flipkart Payments Pvt Ltd, has paid about R45.4 Cr for a majority stake in FX Mart. With the deal, two senior executives of Flipkart joined the board of FX Mart, as per the documents available with the Registrar of Companies. Founded by Amit Narang, FX Mart deals in Electronic Payments, Remittance, Foreign Exchange and Travel related businesses. It owns coveted prepaid licence issued by Reserve Bank of India (RBI). The deal will allow Flipkart to offer a digital wallet on its app and avoid paying a cut to external wallet providers. Flipkart is also planning to offer the payment service on third-party sites and apps later. FX Mart is Flipkart’s second acquisition in digital payments. Previously, it had made a strategic investment in Helion Venture backed mobile payment startup Ngpay, of which the amount and stake acquired were not disclosed.