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Canadian PE firm Clairvest-controlled A23 to buy Delta’s online poker arm Adda52
VCCircle
·
5m ago
Medial
Head Digital Works Pvt Ltd, owned by Canadian private equity firm Clairvest Group, is acquiring Delta Corp's online poker platform Adda52 in a deal valued at approximately Rs 491 crore. The transaction involves Head Digital first acquiring a 51% stake in Deltatech Gaming, which operates Adda52, followed by a merger. Delta Corp will receive a stake in Head Digital, which aims to enhance Adda52’s leading position in India's online poker market.
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A23-parent Head Digital Works acquires Adda52 for Rs 491 Cr
Entrackr
·
5m ago
Medial
A23-parent Head Digital Works acquires Adda52 for Rs 491 Cr Online gaming company Head Digital Works (HDW), the parent company of gaming firm A23, has acquired Deltatech Gaming, the operator of online poker platform Adda52. HDW announced in a press release that the acquisition aims to strengthen its online poker portfolio. The transaction will take place in two phases for a total consideration of Rs 491 crore ($57.5 million). Initially, Head Digital Works will acquire a 51% stake in Deltatech Gaming following the merger. Post-merger, DeltaCorp Limited will retain a 5.7% stake in Head Digital Works. Through this acquisition, HDW aims to leverage Adda52’s expertise and technological capabilities to accelerate its growth in the online gaming market. Launched in 2011, Adda52 offers a poker experience with various game formats, tournaments, and cash games, attracting both casual and professional poker players across India. According to HDW, the acquisition will enhance the gaming experience, drive technological advancements, and cater to evolving user preferences. The company plans to expand its poker business, explore new growth avenues, and build a comprehensive and diversified skill-gaming platform for its customers. A23 claims to have over 75 million registered users across India and operates five games - rummy, fantasy, poker, carrom, and pool. A23’s net revenue stood at Rs 841 crore in FY24, compared to Rs 839 crore in FY23. Despite the flat revenue, controlled expenditures and increased other income helped A23 achieve a 24% rise in net profits to Rs 72 crore in FY24. In November last year, A23 also completed its first-ever employee stock options (ESOP) buyback program worth $3 million.
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A23 reports Rs 841 Cr revenue and Rs 72 Cr profit in FY24
Entrackr
·
6m ago
Medial
Online rummy platform A23 reported flat revenue growth for the fiscal year ending March 2024. However, the company achieved a 24% increase in profits, driven by controlled expenses and an increase in non-operating income during the same period. A23’s net revenue was recorded at Rs 841 crore in FY24 from Rs 839 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies (RoC) show. Notably, the firm's gross revenue grew by 31% to Rs 1,378 crore in FY24, up from Rs 1,051 crore in FY23. Of this, Rs 537 crore was paid out to players, resulting in a net revenue of Rs 841 crore for FY24. The platform fee, or commission, charged as a percentage of the buy-in fees from users, remained the sole revenue source for A23 during FY24. Additionally, the platform earned Rs 37 crore, primarily from interest on deposits and current investments, bringing its total revenue to Rs 878 crore in FY24. The company claims to have over 5 crore players on its platform and operates five games - rummy, fantasy, poker, carrom, and pool. A23 has not disclosed its overheads much and booked Rs 515 crore, which is 68% of the overall cost under the miscellaneous head. This might include all the major costs including advertising, servers, and hosting. A23’s employee benefits grew 41% to Rs 138 crore in FY24 from Rs 98 crore in FY23. Its legal, safety and security, printing, traveling, and other overheads pushed the total expenditure to Rs 761 crore in FY24. Despite the flat scale, the controlled expenditure and increase in other income helped A23 to post a 24% increase in its net profits to Rs 72 crore in FY24, compared to Rs 58 crore in FY23. Its ROCE and EBITDA margin improved to 11.5% and 15.26%, respectively while the expense-per-revenue ratio stood at Rs 0.90. At the end of FY24, A23’s total current assets were recorded at Rs 613 crore with cash and bank balances of Rs 534 crore.
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South African Old Mutual's PE arm strikes bolt-on acquisition
VCCircle
·
1y ago
Medial
Old Mutual Private Equity (OMPE), the investment arm of South African financial services group Old Mutual, has made a bolt-on acquisition within its portfolio. Morecentral, a sports and leisure company controlled by OMPE, has acquired another sports and events company. Additional details of the deal were not provided.
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Ontario Teachers' fund weighs $100 million investment in ecommerce logistics startup Xpressbees
Economic Times
·
2y ago
Medial
Ontario Teachers' Pension Plan, a Canadian fund, considers a potential $100 million investment in Indian e-commerce logistics startup Xpressbees. This investment would aid Xpressbees in expanding its operations and further developing its logistics and supply chain solutions. The potential funding highlights the growing interest of international investors in India's dynamic e-commerce and logistics sector. The Canadian pension investor may buy a stake in the firm at about a $1.4 billion valuation.
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OneVerse acquires Spartan Poker for undisclosed amount
Entrackr
·
1y ago
Medial
MetaVerse and gaming tech company OneVerse has acquired online poker platform, Spartan Poker, for an undisclosed amount. This is a continuation of OneVerse’s M&A strategy looking to consolidate the gaming market, OneVerse said in a press release. It added that the recent macroeconomic headwinds have unlocked momentum for M&A opportunities, and the company is looking to close a few additional acquisitions in the next three months for $120 million. Spartan Poker’s founder and CEO Amin Rozani said, “…This acquisition opens up new horizons for creativity and technological advancements, and we look forward to creating extraordinary customer gaming experiences together.” The development comes six months after Spartan Poker fired 40% of its workforce or 125 employees due to the government’s 28% GST on real-money gaming companies. With over 2 million registered users, Spartan is one of the largest online platforms for poker in India. It has also not raised venture capital to date. Spartan claims that it clocked a revenue of Rs 200 crore but its consolidated financial statements with the RoC showed that it made Rs 95 crore in FY23 while its losses stood at Rs 6.21 crore in the same period. The consolidation appears to be driven by the 28% GST rule introduced by the Indian government effective from October last year. Since then, a clutch of startups including Fantok, One World Nation (OWN), and Quizy shut their operations while MPL, and Hike Rush Gaming have fired more than 400 employees, cumulatively. Dream11, the largest player in the space, was also impacted heavily by the GST crackdown. The firm had shut down its investment arm Dream Capital and projected an 80% fall in its profits in the ongoing fiscal.
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Brookfield-controlled CleanMax taps offshore investor for Thailand project
VCCircle
·
9m ago
Medial
CleanMax Enviro Energy Solutions, an Indian renewable energy company controlled by Canadian firm Brookfield, is raising capital from an offshore investor to expand its rooftop solar portfolio in Thailand. After Brookfield acquired a majority stake in CleanMax last year, the company is planning to establish solar projects with a combined capacity of 300 MW in Thailand. CleanMax aims to contribute to Thailand's renewable energy goals by providing clean and sustainable energy solutions.
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PremjiInvest, Asian PE firm to infuse more capital into manufacturing company
VCCircle
·
1y ago
Medial
Indian investment firm PremjiInvest and an Asian private equity firm are planning to make additional investments in a local manufacturing company, specifically in Bengaluru-based toymaker Micro Plastics Pvt. Ltd. PremjiInvest, the family office investment arm of Wipro founder chairman Azim Premji, is in advanced discussions about the investment. Asia-focused private equity firm ADV Partners is also expected to participate in this round of funding.
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Ethos PE-controlled logistics major RTT sells non-core business
VCCircle
·
1y ago
Medial
RTT Group, a South African transportation and logistics company owned by Ethos Private Equity, is reportedly selling a portion of its non-core business to a local supply chain services provider. This move is part of Ethos' strategy to streamline its operations and focus on its core business activities. Ethos Private Equity is controlled by US-based asset management firm The Rohatyn Group (TRG).
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Haldiram promoters resist PE offers; Stripe may buy stake in SBI Payments
VCCircle
·
1y ago
Medial
The promoters of Haldiram Snacks Foods are resisting offers from private equity firms to buy stakes in the company. Despite receiving non-binding offers, the promoters are not interested in selling their shares. This comes as Stripe, the online payment company, is reportedly looking to acquire a stake in SBI Payments.
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Motilal Oswal Alternates targets $750 mn for new PE fund, taps returning LP
VCCircle
·
6m ago
Medial
Motilal Oswal Alternates, the alternative investment arm of Motilal Oswal Group, aims to raise $750 million for its largest private equity fund to date. Based in Mumbai, the firm is reaching out to a returning limited partner to support the fundraising. Led by founder and CEO Vishal Tulsyan, the firm is leveraging past relationships and successful track records to secure investment commitments for this latest venture.
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