Hike exits WinZo following $12M buyback
Hike has exited the social gaming platform WinZO after a $12 million buyback from the platform. WinZO stated that this delivered Hike a four-fold return on its investment made in the company in May 2019.
The buyback comes after the company roped up an extra $13 million capital from its existing investors- Stephan Pagliuca, Makers Fund, and Courtside Venture.
This exit deal, which has received a green flag from the Ministry of corporate affairs (MCA), observed WinZO buyback Hike’s share for $12 million, making it one of the most considerable buyback transactions by an Indian early-stage startup. Hike had previously participated in the $5 million Series-A funding in WinZO in 2019 and has acquired 4X returns within a span of 18 months.
Earlier this year, Hike had announced closing down its original messaging business and rolled out a conflicting gaming app Rush, like WinZO.
Speaking about the exit, Paavan Nanda, the Co-Founder of WinZO said, “Hike’s been given a complete exit from WinZO. As Founders, we are super chuffed and humbled to have an extremely bullish Board, completely aligned with the audacious goals we have set for ourselves. They had immensely supported the company through the process.”
In September 2020, WinZO had raised $18 million in series B funding, taking the cumulative funds raised to $38 million.
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