Mwangi's loss comes on the heels of a reduced appetite for emerging market shares.
The move comes nearly two years after the SportPesa brand was relaunched.
The decision comes at a crucial time for Bitature.
The transaction highlights Naivas' intrinsic value as Kenya's largest supermarket chain.
Patel owns 44,274,017 ordinary shares, or 4.22 percent of the company.
Mbire owns 3.98 percent of the telecom company.
The startup will begin its expansion within Kenya through Finclusion Group branches.
The Kenya Revenue Authority (KRA) said it is demanding full accountability from Karanja.
Dewji, Tanzania's richest man, is the CEO of MeTL Group, one of East Africa's largest business groups.
Rwandan President Paul Kagame participated in the groundbreaking ceremony of the project.
