Hyderabad-based Head InfoTech, which operates online rummy gaming company Ace2Three, has acquired a majority stake and invested $1 million in fantasy gaming platform FanFight.The firm, which saw Canadian investment firm Clairvest Group acquire a majority stake investing $73.7 million in the gaming company last year, was looking to create its own fantasy gaming platform, prior to investing in FanFight.
“We were exploring building a fantasy platform that is when we got to know about FanFight. We were impressed with the prototype and thought acquiring a majority stake in the startup, where they would be like a subsidiary to Head InfoTech, made more sense versus developing our own platform,” Deepak Gullapalli, founder of Head Infotech told ET.
The funds invested are being used for marketing, hiring tech and analytical talent, as well as scaling the product.
“We are presently focussing on cricket, but after the IPL, we will also focus on football, kabbadi, and other sports,” said co-founder Akhil Suhag.
The cash prize pool per match can go up to Rs 5 lakh. According to Suhag, in the last India Sri Lanka cricket match the highest earning player made Rs 8,000.