Flipkart buys majority stake in payment startup FX Mart

Indian online retailer Flipkart has purchased a majority stake in payment services startup FX Mart for INR454m ($6.85m)

Flipkart buys majority stake in payment startup FX Mart

The deal will offer a digital wallet on its app.

FX Mart, founded by Amit Narang, deals in digital/electronic payments; remittances; buying and selling of currencies, overseas remittances, travel and related services.

Under the deal, two senior Flipkart executives also joined the board of FX Mart, which holds a prepaid wallet licence issued by Reserve Bank of India (RBI).

Flipkart intends to introduce a payment service on its app as well as Myntra’s within the next three months, four undisclosed sources familiar with the matter told publication Livemint.

This is Flipkart’s second stake acquisition in digital payment firm. In September 2014, it made a strategic investment in mobile payment startup Ngpay, which is backed by Helion Venture.