WinZO Games raise 69 Crore in debt investment

Online Fantasy sports platform WinZO Games has raise🐬d 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 Seri๊es B round.

According to a report on Biz Behi⛎nd 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 re෴spectively, had led the Series B round for the firm by investing as much as Rs 36.25 crore a💯nd 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 wo🐬uld use the proceeds for paying off the proposed buyback of equity s🦩ecurities 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.