9stacks raises additional Rs. 6.55 crores from angels; total funds raised in Series A round is Rs. 27.55 crores

Three days after Glaws had that online poker portal 9stacks has raised Rs. 21 crores (around US$ 3 million) in a Series A funding round led by early stage VC firm Wa🎶terBridge Ventures, it has now emerged that around 14 existing angel inღvestors in the company have invested an additional Rs. 6.55 crores in the company as a top up the round to the existing funding round.

The additional investment done by a fresh private placement offer, increases the holding of a few existing angel investors. Like the earlier S🦄eries A round, the investment has been done in the form of Series A Compulsorily Convertible Preference Shares (CCPS) in Sparskills Technologies Private Limited, the parent company of 9stacks.

A total of 46,814 CCPS of fac🎐e value of Rs. 20 each, yielding a dividend of 0.01% per annum and convertible to equity shares at the option of the shareholder, will be issued to 14 angel investors. The Series A round has been done at a valuation in excess of Rs. 100 crores.

With the completion of this funding round, 9stacks becomes one of the few online gaming companies to have access to institutional funding𒈔.