India-based online rummy gaming company Ace2Three has upped its investment in fantasy gaming platform Fanfight, acquiring a majority stake with a $1 million investment, Economic Times reports.
The company behind Ace2Three, Head Infotech was originally looking to create its own fantasy gaming platform, but instead acquired its first shares in FanFight in April, 2017.
According to a company filing at the time, the CEO and founder of Head Infotech, Deepak Gullapalli was allotted 250,000 shares in WCFN Solutions Pvt. Ltd for a sum Rs 2.5 million (US$38,700).
“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,” said Gullapalli to ET.
The funds invested will be used for marketing, hiring tech and analytical talent, as well as scaling the product, he said.
“We are presently focussing on cricket, but after the IPL, we will also focus on football, kabbadi and other sports,” added cofounder Akhil Suhag.
FanFight is a peer-to-peer fantasy gaming mobile application that was launched in December 2016.