Singapore-based Next Generation Payments Pvt Ltd which provides ngpay, a payment service and a marketplace that introduced mobile payments in India, has acquired 100 percent stake of its subsidiary JiGrahak Mobility Solutions Pvt Ltd. for an undisclosed amount.
As per a TechCircle report, Flipkart Pvt Ltd which is parent of the online retailer Flipkart, will hold 65.7 percent in ngpay. It had invested an undisclosed amount in JiGrahak in September. And, ngpay’s promoter shareholder Sourabh Jain will hold the remaining stake.
ngpay is a free mobile app, that enables businesses to offer their products or services to customers and is used by over 100 merchants and more than million users. It’s services include recharge DTH, Data card, Mobile, Book flight tickets, rail tickets, bus tickets, movie tickets and allows uses to shop for their favorite brands. Launched in February 2008, with an aim to bring together brands and that create products user need in their daily lives and enable them to pay and buy from using their mobile device.
ngpay accepts debit and credit cards and payments made on it are safe and secure. Helion Ventures partners had also invested USD 2.2 million in JiGrahak in 2006.
In September, Indian e-commerce website, Flipkart had also announced that it is shutting down its payment gateway business Payzippy, as it failed to perform according to the company’s expectations. This is where ngpay got traction as its replacement