Friday, May 20, 2022
  • Hyderabad
  • Telangana
  • Andhra Pradesh
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Reviews
    • Education Today
    • Property
    • Videos
    • Lifestyle
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
Home | Tech | Winzo Gives Complete Exit To Hike Via 12m Share Buyback

WinZO gives complete exit to Hike via $12M share buyback

By IANS
Published: Published Date - 02:11 PM, Mon - 3 May 21
Hike participated in the $5 million Series A funding in WinZO in 2019 and has received 4 times returns within a span of 18 months, the company said in a statement.

New Delhi: Vernacular social gaming platform WinZO on Monday said it has bought back early investor Hike’s shares for $12 million, making it one of the largest buyback transactions by an early stage firm in the Indian start-up ecosystem.

The move gives a complete exit to Hike with four-fold returns on their investment in May 2019.

Hike participated in the $5 million Series A funding in WinZO in 2019 and has received 4 times returns within a span of 18 months, the company said in a statement.

The gaming startup recently raised additional $13 million from its existing investors Stephan Pagliuca, Makers Fund, and Courtside Venture, taking to total raised value to $18 billion in its Series B round.

“Hike’s been given a complete exit from WinZO. As founders, we are humbled to have a Board that is extremely bullish, and completely aligned with the audacious goals we have set for ourselves. They had immensely supported the company through the process,” said Paavan Nanda, the Co-Founder of WinZO.

Earlier this year, Hike announced shutting down its primary messaging business and launched a rival gaming app Rush, similar to WinZO.

The move came after the the gaming start-up raised additional $13 million capital from its existing investors Stephan Pagliuca, Makers Fund and Courtside Venture.

These investors had led the $18 Million Series B fund raise for WinZO in September 2020, taking the total fund raise tally for the three year old startup to $38 million.

WinZO recently announced a game developer fund-II of a $5 million corpus after its series B fund raise.

It has also announced initiatives to groom the aspiring content creators through structured training programmes.

WinZO hosts more than 80 games served in five formats to the users in over 12 regional languages.

  • Follow Us :
  • Tags
  • buyback
  • Ecosystem
  • hike
  • Indian

Related News

  • Micron to open new facility in Hyderabad by year-end

  • Southwest Monsoon advances over Andaman and Nicobar Islands

  • A peep into ecology and environment

  • Indian researchers earn patent for sewing machine for the disabled

  • After UP, BJP sees in bulldozers a ticket to election victories

  • Jyotiraditya Scindia to examine matter of passengers being charged for boarding passes

Latest News

  • FreshToHome plans expansion in Telangana, Andhra Pradesh

    3 hours ago
  • Editorial: Fillip to federal spirit

    4 hours ago
  • Opinion: Grow more foods that feed the hungry

    4 hours ago
  • After KTR number plate, KCR number plate turns heads in London

    4 hours ago
  • IPL 2022: Rajasthan Royals beat CSK by five wickets to finish second

    5 hours ago
  • Become a pro in Pipes and Cisterns topic in arithmetics

    5 hours ago
  • 2,40,000 job vacancies available at DEET; grab one now!

    5 hours ago
  • IPL 2022 Preview: Delhi Capitals meet Mumbai Indians in virtual quarter-final

    5 hours ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam