Flipkart acquires start-up FX Mart for Rs 25 crore

Ruchika M. Khanna

Tribune News Service

Chandigarh, September 1

This is a story of grit and determination. Fighting all odds, a young man from Jalandhar, who started off as a trainee executive at a textile company’s office in Hoshiarpur, had nothing but hard work to bank upon. Over the years, his hard work and determination to rise paid off. Having worked his way up the corporate ladder in the past 25 years, Amit Narang has achieved what a very few can strive for. Twenty-five years on, his two-year old start-up venture, FX Mart, has been acquired by the country’s largest e-commerce platform, Flipkart.

FX Mart, approved only last year by RBI, as an Immediate Payment Service Provider, has been acquired by Flipkart for Rs 25 crore. Flipkart proposes to integrate FX Mart as a payment service on Flipkart and Myntra’s platform. This will help Flipkart to offer a digital wallet on its app and avoid paying a cut to external wallet providers.

Last year, FX Mart got the RBI approval to offer semi-closed pre-paid instruments. It launched its operations in September last year and after setting up its distribution network, the company began its commercial operations in January this year. It is learnt that within six months, the company managed to create 20,000 wallets and had facilitated domestic remittances worth Rs 25 crore.