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 a provision for Ngpay and Flipkart to partner in Singapore.
Customers can use Ngpay’s mobile app to buy goods and services on their phones, including cinema tickets, airline tickets and books. More than 100 merchants and one million customers have signed up to the platform.
JiGrahak had earlier secured $2.2m in a 2006 funding round from Helion Venture Partners. Flipkart has raised up to $2.3bn from investors including internet company Naspers.