Flipkart Acquires Payment Startup FX Mart

Digital India FYI

Flipkart Acquires Payment Startup FX Mart

Flipkart has acquired majority stake in payment services startup FX Mart Pvt Ltd, which deals in electronic payments, remittance, foreign exchange and travel related businesses.

According to Mint, Flipkart paid Rs 45.4 crore ($6.8 million) and the primary reason for the acquisition is the fact that FX Mart owns prepaid license, which Flipkart can use to launch its wallet.

Flipkart earlier acquired Ngpay (after shutting down Payzippy).

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