Head Infotech Pvt. Ltd., the company that operates leading rummy website Ace2Three, has picked up a majority stake in Gurugram-based fantasy sports website FanFight (operated by WCFN Solutions Pvt. Ltd.), as per a report in Economic Times.
The complete details of the deal have not been made publicly available, however, the Economic Times news report indicates that Head Infotech has invested US$1 million in WCFN Solutions for a majority stake.
“We were exploring building a fantasy platform that is when we got to know about FanFight. We were impressed with the prototype and thought acquiring a majority stake in the startup, where they would be like a subsidiary to Head InfoTech, made more sense versus developing our own platform,” Deepak Gullapalli, founder and CEO of Ace2Three told Economic Times.
The funds invested will be used for marketing, hiring tech and analytical talent, as well as scaling the product, as per the company.
“We are presently focussing on cricket, but after the IPL, we will also focus on football, kabbadi and other sports,” said FanFight co-founder Akhil Suhag.
Glaws had first reported way back in June 2017 that Ace2Three was preparing to invest in real money fantasy sports website FanFight. As per Registrar of Companies (ROC) records available at that time, Gullapalli had in his personal name invested twenty-five lakh rupees in the company and was issued 2,50,000 Series A Preference shares in the Gurugram-based WCFN Solutions.
In April 2017, Head Infotech had announced that a consortium of foreign investors led by Canadian fund Clairvest Group had acquired majority stake in the company for US$ 73.7 million.