Flipkart has exited payment platform JiGrahak and in the process upped its stake in parent company Ngpay to almost 66%.
Singapore-based mobile payment company Next Generation Payments has purchased the stake in its India-based subsidiary JiGrahak Mobility Solutions that had been held by e-commerce company Flipkart, according to VCCircle.
Following the deal, Flipkart will hold a 65.7% majority stake in Next Generation, which operates under the name Ngpay, with the remaining 34.3% held by founder Sourabh Jain. Flipkart had altready invested an undisclosed amount in Ngpay in September this year.
Financial details of the transaction remain undisclosed but did include…
