Head InfoTech, which runs online gaming company Ace2Three, has picked up a majority stake in fantasy sports platform FanFight for $1 million.
The fresh amount will be used to hire more tech and analytical talent as well as scaling up the products.
The development comes after Ace2three, had raised $73.7 million from Canadian Investment firm Clairvest Group by trading its majority stake to the investment firm in April 2017.
Prior to this investment, the firm was already in the process of creating its own fantasy gaming platform.
“It made sense for the company to acquire a majority stake in FanFight, and make it a subsidiary, rather than to create our own fantasy platform,” said Head Infotech founder Deepak Gullapalli.
Founded in 2016, FanFight is an app based online gaming platform with multiple options to bet on. It also offers rewards for its users if they claim a win over the game. According to its LinkedIn profile, it claims to have got 20,000 registered users after a couple of months of launch.
Meanwhile, Entrackr’s queries to the firms remain unanswered till the publication of the post.
Presently, the platform is focussing on cricket but after IPL, the gaming company will focus on other sports like football, Kabaddi amongst others, it said.
According to ‘Emerging Trends in Indian Gaming Industry’ report, the Indian gaming industry is expected to hit $801 million by 2022, at a compound annual growth rate of 6.61 per cent. The country offers a huge opportunity to the online gaming companies worldwide.
Of late, the segment has witnessed competition among new players.
Homegrown payment-cum-e-commerce firm Paytm and AGTech Holdings Limited is also in talks to launch Gamepind, a mobile gaming platform with social and casual games that include rewards.
Also Read: Paytm and China’s AGTech Holdings to roll out mobile gaming platform Gamepind
In July last year, One97 Communications-owned Paytm formed the joint venture with Hong Kong-based lottery firm AGTech Media to launch a mobile gaming company in India.
The development story was reported by ET.
