Singapore-based mobile payment platform, Ngpay has acquired 100% stake in Bangalore-based JiGrahak Mobility Solutions Pvt Ltd. Ngpay is being operated under the brand name of Next Generation Payments Pvt Ltd. The transactions details were not disclosed. The Gurgaon-based J Sagar Associates (JSA) had advised JiGrahak on this deal.
As per the deal, now Flipkart.com will hold 65.71% stake in ngpay and Sourabh Jain, the promoter shareholder of ngpay, will hold the remaining stakes. As part of the deal, Jain and Flipkart have set up ngpay in Singapore.
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It is to be noted that prior to this deal Flipkart Pvt Ltd, the Singapore-based parent of ecommerce giant Flipkart.com had invested an undisclosed amount in ngpay in September this year. Also, in 2006, Helion Venture Partners had invested $2.2 Mn in JiGrahak.
Ngpay is amongst the largest malls on mobile. Through ngpay, consumers across India can shop, buy tickets, recharge, pay bills or bank from any basic mobile handset. Users can transact with 200-plus partners across 10 sectors with certified financial grade security. The firm claims that its mobile commerce platform is being used by more than 100 merchants and over million users.