Hike exits WinZO via $12 mn share buyback
image for illustrative purpose
New Delhi VERNACULAR social gaming platform WinZO on Monday said its early investor, Hike has exited the company via a $12 million share buyback programme.
Hike had participated in the $5 million series-A funding round in WinZO in 2019, and has received 4X returns within a span of 18 months, a statement said. "This exit transaction, which has received a nod from the Ministry of Corporate Affairs (MCA), saw WinZO buy back Hike's share for $12 million, making it one of the largest buy back transactions by an early stage startup in the Indian startup ecosystem," it added.
The development comes after WinZO has raised $13 million capital from its existing investors- Stephan Pagliuca, Makers Fund, and Courtside Venture, it said. These investors had led the $18 million series-B fund raise in WinZO in September last year. With this, the company has raised a total of $38 million. Earlier this year, Hike had announced shutting down its primary messaging business and launched a conflicting gaming app Rush, similar to WinZO.
