Indian rummy website Ace2Three is planning to invest INR10 million ($155,195.50) in real-money fantasy sports portal Fan Fight, which is launching soon.
On Friday, GLaws.in reported that Head Infotech Pvt. Ltd. founder and CEO Deepak Gullapalli has paid INR2.5 million ($38,798.87) for 2,500,000 Series A preference shares in the Gurgaon-based fantasy sports company last April 27. Head Infotech is the company that operates Ace2Three.
According to the report, which quoted a Registrar of Companies (ROC) filing, Gullapalli made the investment with the approval of Head Infotech and its new majority shareholders, the Clairvest Group. If you recall, the Canadian private equity fund and its foreign partners acquired a majority stake in Head Infotech for more than $70 million in May.
Head Infotech plans to invest a total of INR10 million for a total stake of 10 percent in WCFN Solutions Pvt. Ltd., which operate Fan Fight, GLaws.in’s Jay Sayta reported, noting that the company “will be sharing its expertise and knowledge of the online skill games industry to Fan Fight.”