Online gaming platform, Ace2three, has acquired majority stake in cricket fantasy gaming platform FanFight for $1 million. This comes in after Ace2three, owned and operated by Info Tech India, had raised $73.7 million in a financing round from Canadian Investment firm Clairvest Group, giving up its majority shares.
The Hyderabad based gaming company stated that they were already in the process of creating a fantasy platform. The investment done in FanFight will further be used in marketing the product, hiring technical people and scaling up the company.
Commenting on the investment Deepak Gullapalli, founder of Ace2three said, “FanFight is an excellent product and we are confident that consumers will enjoy using FanFight’s platform. We are happy to begin our innings in this industry through FanFight.”
Founded by Deepak Gullapalli in 2006, Ace2three is better known as an online rummy platform. The company claims to have over 8 million users just on their mobile app. The media release stated that if someone is looking to play an online game and earn some bucks at the same time FanFight is the game to play. It’s more like a fantasy league platform with multiple options to bet on. The company further claims to have recently rewarded a user with Rs 8,000.
According to recent published report by KPMG, India’s online gaming industry is poised to see a massive growth in the years to come. The industry is predicted to hit the mark of $1 billion growing at an predicted rate of 20 percent by 2021. The online gamer base in the country, who increased the game searches by a whopping 117 percent, is expected to reach 310 million by 2021. With games like candy crush and angry birds becoming extremely popular in the realm, the report also highlighted the challenges and growth opportunities for app developers.