Gaming startup WinZO gives complete exit to Hike – Kavin Mittal gets four times return on investment
Gaming startup WinZO gives complete exit to Hike – Kavin Mittal gets four times return on investment
IANSMay 3, 2021, 12:56 IST
IANS
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.
Indian gaming startup WinZO gives $12m exit to early investor Hike through share buyback
Photo: Pixabay
May 3, 2021
Social gaming platform WinZO, on Monday, said it has provided a complete exit to early investor Hike Pvt. Ltd, through a share buyback for $12 million.
Through the buyback, Hike has received a four-fold return on its investment in the gaming company, WinZO said.
Hike, along with Kalaari Capital, had led Winzo’s $5-million series A round back in July 2019.
The news comes after WinZO had raised close to $18 million in series B funding, led by existing investors including co-chair of Bain Capital and early investor in Epic Games, Stephan Pagliuca; Singapore-based Makers Fund; and New-York based, Courtside Venture in September 2020, taking the total fundraise tally for the three-year-old startup to $38 million.
WinZO gives complete exit to Hike via $12M share buyback
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WinZO gives complete exit to Hike via $12M share buyback.. Image Source: IANS News
New Delhi, May 3 : Vernacular social gaming platform WinZO on Monday said it has bought back early investor Hikes 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.
WinZO gives complete exit to Hike through USD12MM share buyback
Mumbai, May 3 (UNI) WinZO, India’s largest vernacular social gaming platform, has given a complete exit to its early investor Hike with four-fold returns on their investment in May 2019.
This comes after the Series B funded gaming start-up raised additional $13 million capital from its existing investors- Stephan Pagliuca, Makers Fund, and Courtside Venture. It is noteworthy that 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 $38MM.
This exit transaction, which has received a nod from the Ministry of corporate affairs (MCA), saw WinZO buy back Hike’s share for USD12 million, making it one of the largest buy back transactions by an early-stage start-up in the Indian start-up ecosystem. Hike had earlier participated in the USD5 Million Series-A funding in WinZO back in 2019 and has received 4X returns with
Hike exits social gaming platform WinZO
May 03, 2021
To focus on its own gaming app, Rush. Kavin Mittal-backed Hike has exited WinZO, a vernacular social gaming platform, for $12 million. This comes even as Hike has launched its own gaming platform called Rush.
Hike had earlier participated in the $5 Million Series-A funding in WinZO back in 2019 and has received 4X returns within 18 months.
WinZO has raised an additional $13 million capital from its existing investors- Stephan Pagliuca, Makers Fund, and Courtside Venture. These investors had led the $18 million Series B to fundraise for WinZO in September 2020, taking the total tally for the three-year-old startup to $38 million.