Future group expects to generate inordinate e-wallets revenue

Future group is expecting digitization to fetch significant revenue for their business, with e-wallet serving as a means to meet the objective

Future Group, an Indian retail conglomerate, based in Maharashtra is expecting its app-based wallet, Future Pay, to generate a significant amount of revenue in the succeeding year. It is expecting Rs 30,000 crore worth transactions on its e-wallet next, Future Group chief executive, Kishore Biyani believed.

Biyani is hoping to further innovate its technologies, updating it to current market needs, and is constructing financial services to serve its technology or digital objectives. “In the last few years we have built a product called Future Pay. It will do a business of Rs 30,000 crore next year. It is running at a run rate of Rs 10,000 crore. We have 40 lakh active users every month and close to 80-85 lakh members on Future Pay,” he said at the Ascent Conclave.

The adhaar related retail operations are being implemented in 8 states. It has been commenced in 3 states already.

Augmenting its retail section, Biyani said the company is opening small store formats targeting the 50,000 population towns. “We are opening three stores a day. We think we will be in 2 km distance of every customer and consumer in India. If you look at Future Group, we operate on three levels. One is Big Bazaar which is our largest store, and we are operating in the population range of one-lakh plus. We are within 5 km of consumers in 13,000 pin codes. We are now working on opening small stores in every part of India, which is up to a population of 50,000. We are planning to open 10,000 stores over the period of next 7-8 years,” he added.

Future group operates major brands like Big Bazaar, FBB (fashion at big bazaar), Ezone, Brand FactorCentral, Easyday, Heritage, Nilgiris, and HyperCity.