Hyderabad-based online gaming platform, Ace2three, which is owned and operated by Head InfoTech India, has acquired a majority stake in fantasy gaming platform FanFight with an investment of $1 Mn.
This move from the Ace2three comes at a time after Canadian investment firm Clairvest Group acquired a majority stake in the startup with an investment of $73.7 Mn in April 2017.
As stated by Ace2three in an official statement, it was already in the process to build a new fantasy platform. The investment made in FanFight will be used for improving the marketing, hiring people with tech and analytical skills, as well as scaling the online product.
Deepak Gullapalli, Founder of Ace2three said, “FanFight is an excellent product and we are confident that consumers will enjoy using FanFight’s platform. We are happy to begin our innings in this industry through FanFight.”
Ace2three And FanFight: A Quick Overview
Ace2three is essentially known as an online rummy platform. Interestingly, the iconic product of this startup is the innovative social casino games with a classical Indian touch.
The company claims that at present, it has more than 8 Mn people using their application on the mobile phones for playing online games.
On the other hand, if a person is passionate about playing online games and have an urge to earn a few dollars, then FanFight is the right destination for them. Interestingly, this app allows people not only to play virtual reality games but also gives cash prizes to the users. Recently, an Indian-origin user earned $122 (INR 8,000 ) while playing for a few rounds on FanFight.
Indian Online Gaming Industry: Current Status And Opportunities Ahead
With greater penetration of the Internet and smartphones in India, the mobile gaming industry has grown with a higher pace in the last few years. According to the reports, at present, India is the second largest consumer base for mobile phones and accessories not just in Asia-Pacific but around the world.
In Q2 2016, India bagged fifth position globally in terms of the number of game downloads, jumping two places higher as compared to the same quarter in the previous year. It is further expected that India will surpass both Brazil and Russia in online game downloads index within the next few decades.
Globally, gaming industry earned $100 Bn of revenues out of which mobile gaming generated $37 Bn of revenues in 2016 and India ranked at the 19th position with estimated revenues of $523 Mn, a meagre 1.6% market share of the global mobile gaming industry.
Although, the market share is less on the global charts, India offers a widely untapped opportunity to the online gaming companies worldwide. The latest acquisition of FanFight by Ace2three indicates how aggressively the Indian startup brigade is trying to disrupt the online gaming space. Going ahead, how well the latest acquisition can become fruitful for Ace2three, will be something to watch for.