Former Futurebazaar president Kashyap Deorah has launched a mobile payments company focused on the American markets while retail king Kishore Biyani’s nephew Vivek Biyani is set to overlook FutureBazaar, the online portal run by the Future Group.
Vivek Biyani is slated to take on a larger role at the Future Group.
Deorah confirmed his exit from Future Group. “I left the company in November last year, however I am continue to be a shareholder and mentor in Futurebazaar,” he said.
The Future Group with an estimated annual turnover of over Rs 10,000 cr from its various retail outlets such as Big Bazaar, Pantaloons and eZone, is looking to bring in at least 10 % of the group’s total revenues from FutureBazaar, its online arm.
Kashyap Deorah led FutureBazaar for around 2 years and left the company in November to start his new venture called Chaloapp. According to the new company’s website, the venture is still in semi-stealth mode with more features coming soon.
Kishore Biyani led Future Group had acquired Chaupaati Bazaar, founded by Deorah in 2011. Chaupaati Bazaar, the mumbai based startup, was into telephone commerce.
“Currently mobile apps are disrupting several industries the way Internet did in the 90’s. Right from gaming/utilities to social to location-aware services to one-tap payments and commerce,” said Deorah about his new venture.
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