Well-known and renowned vernacular social gaming startup WinZo mentioned this Monday that they are bringing back early investor Hike’s shares for $12 million. The company is making it one of the largest buyback transactions almost by the early-stage firms in the Indian startup chain.
Well, this move gives a complete exit to Hike with four-fold returns on their investment in the month of May 2019. Well, the Hike participated in around $5 million series A funding in WinZo in the year 2019. It has received almost 4 times returns with a span of almost 18months, as per the company.
Currently, this gaming startup has raised almost $13 million from its existing investors Stephen Pagliuca, Makers Fund, and the Courtside Venture by taking to total which is raised value around $18 billion in its series B round.
Paavan Nanda, the Co-Founder of WinZO mentioned, “Hike’s been given a complete exit from WinZO. As founders, we are 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.”
The previous year, Hike mentioned shutting down its primary messaging business and even launched a rival gaming app Rush which is similar to the WinZo.
However, the move came as soon as the gaming start-up raised additional $13 million capital from its existing investors Stephan Pagliuca, Makers Fund, and Courtside Venture.
However, these investors had now led the $18 Million Series B fund enhancement for WinZo in the month of September 2020. It’s taking the total fund raise tally for the three-year-old startup to around $38 million.
Recently, Winzo made an announcement that as a gaming developer fund-II of a $5million Corpus soon after its series B fund raise. Also, it made an announcement that the initiatives for grooming the aspiring content creators by means of structured training programmes. Even WinZo hosted over games that served in the five formats to the users for more than 12 years regional languages.