Online gaming hotshot, 9stacks is in news for securing an enormous ₹21 Crores in Series A Funding Round recently. This funding would be crucial to its rise over the next few months or years.
9stacks is a fully-loaded online gaming bigshot that was founded by four entrepreneurs- Sudhir Kamath, Pratik Kumar, Abhinav Nigam and Rishab Mathur in 2017. The company has only evolved at a breakneck speed ever since and is considered one of the top poker websites in India now.
First round: ₹10 Crores in December 2017
It was the chilling winter of last year when the company had raised a sum of ₹10 Crores from a group of angel investors in the country. Some famous names who funded then were Swati Gupta (founder of B2B online commerce portal Industrybuying.com), Maheshwer Peri (founder of career information portal for students Careers360) and Purnima Khandelwal (founder of horticulture company INI Farms).
9stacks is owned by its parent company Sparskills Technologies Private Limited, is in the news for attaining its latest ₹21 Crores Series A funding now.
How it breaks up?
As per the records made available by the Registrar of Companies, this Series A funding was initiated by venture capital firm WaterBridge Ventures. It invested ₹7 Crores in 9stacks for 50,000 Series A Compulsorily Convertible Series A Preference Shares and one equity share in the company.
The balance ₹14 Crores was contributed by nearly 30 existing angel investors of the company. So for the investors and the WaterBridge Ventures, the company has issued Series A CCPS of a face value of ₹20 in the company yielding a 0.01% dividend per annum.
It is worth noting that the while the Series A CCPS are convertible with regards to regular equity shares at any time upon the request of the investors, 9stacks hasn’t made any announcement regarding the same.
Views of top guns
Commenting on the development, Manish Kheterpal, Managing Partner of WaterBridge Ventures remarked that India is undergoing a massive transition in the online gaming sector and that there has been an “exponential increase in players and revenues” in this domain now. He was positive of the results and said that he was “proud to partner with this founding team” that has “a proven track record.”
The CEO of 9stacks, Sudhir Kamath was also happy with the proceedings. He was optimistic of WaterBridge Ventures coming together as the main investor in his Series A funding and said that 9stacks is now India’s first online poker company to reach that funding milestone. Kamath said that he wanted to use the funds to make 9stacks the “preferred platform for poker in India… where anyone can discover, learn and play poker, anytime, anywhere.”