Hike exits Vernacular Gaming Platform WinZo through $12 Million Share Buyback

Hike exits Vernacular Gaming Platform WinZo through $12 Million Share Buyback

Gaming platform WinZo has announced through a statement that it is giving an early exit to Hike through a share buyback worth $12 million. Messaging application Hike which was an early investor in WinZo has received four folds returns on the $5 million invested by it in May 2019. The deal has received a nod from the Ministry of corporate affairs (MCA).

The buyback comes after WinZo had raised an additional $13 million from its existing investors Stephan Pagliuca, Makers Fund, and Courtside Venture. In September 2020, WinZO had raised $18 million in series B funding, taking the total funds raised to $38 million.

Confirming the news Paavan Nanda, Co-Founder, WinZO, said, “That’s correct. Hike’s been given a complete exit from WinZO. As founders, we are super chuffed and 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.”

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

Vernacular gaming platform WinZo provides over 70 games including carrom, cricket, bubble shooter, fruit samurai, knife up, memory mania, fantasy league, and trivia-based questions. The New Delhi based company hosts all its games on a single platform across multiple formats in more than 12 regional languages and 60 percent of the content on the platform is consumed in non-English languages. The three year-old startup has acquired a registered user base of more than 40 million users with a strong foothold in Tier II-V cities and rural India.