Singaporean mobile commerce company Next Generation Payments has acquired 100% stake of its subsidiary JiGrahak Mobility Solutions, an India-based mobile commerce service provider.
By the virtue of the deal Flipkart Private Limited, the Singapore-based parent of e-commerce giant Flipkart, which had invested an undisclosed amount in JiGrahak, will hold 65.71% in ngpay, while the promoter shareholder of ngpay, Sourabh Jain, will possess the remaining stake, reported the online bulletin TechCircle.
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Ngpay, a free mobile payment platform provided by Next Generation Payments, enables users to buy goods and services, including movie tickets, flowers, books, airline tickets and gifts via their mobile phones.
The terms of the transaction are yet to be disclosed by the firms.
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