Online Fantasy sports platform WinZO Games has raised Rs 69 crore or $9.5 million in debt round from Courtside Ventures, Makers Fund, and The Stuart Partners. This is a fine addition to the earlier investment round seven months ago when the startup raised $18 million risk capital in its Series B round.
According to a report on Biz Behind sports, it has been reported that the company has approved the allotment of 361,643 convertible debentures at an issue price of Rs 1904.5 per debenture to raise Rs 69 crore to Courtside, Makers Fund, and The Stuart Partners.
Last year, Makers Fund and Courtside, based out of Singapore and the US respectively, had led the Series B round for the firm by investing as much as Rs 36.25 crore and Rs 18.12 crore, respectively. The new investor The Stuart Partners has, however, put in the rest amount in this debt round.
The resource filings further reflected that WinZo would use the proceeds for paying off the proposed buyback of equity securities and the debt round will be utilized to offer exit to its early backer – Hike. Business Insider reported that Hike was in late-stage talks to sell its stake in WinZO. It might be ironic but now Hike, which is backed by Tencent and SoftBank, is now a direct competition to Winzo in the gaming platform.