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Exclusive: Games24x7 to acquire 24% stake in stock broking app Wiseowl’s TIQS

EntrackrEntrackr · 10d ago
Exclusive: Games24x7 to acquire 24% stake in stock broking app Wiseowl’s TIQS
Medial

Online gaming firm Games24x7 is set to acquire a minority stake in stock broking company Wiseowl Securities, the parent entity of Butterfly Broking (TIQS), according to regulatory filings accessed by Entrackr. The board of Games24x7 has passed a special resolution to approve the purchase of a 24% stake in Wiseowl Securities for Rs 9.1 crore, filings sourced from the Registrar of Companies (RoC) show. Games24x7 has also secured board approval to extend a short-term loan of Rs 18 crore to Wiseowl Securities, as per filings. Wiseowl Securities operates a stock broking business and is registered as a mutual fund distributor with Association of Mutual Funds in India and BSE. Through its wholly owned subsidiary, it runs the Butterfly Broking platform, offering access to NSE and BSE. The platform enables trading in equities, derivatives, commodities, and currency. The development comes at a time when several real-money gaming (RMG) companies are exploring new verticals amid a blanket ban. A number of gaming platforms have either restructured operations or diversified into adjacent consumer internet categories. For instance, Dream Sports, the parent company of Dream11, has entered wealth-tech with its Dream Money app. WinZO has experimented with products such as ZO Gold, while Zupee has expanded into content and lifestyle-led verticals beyond its core gaming offerings. Games24x7’s potential investment into Wiseowl Securities reflects a broader pivot among gaming firms toward regulated financial services. As the RMG landscape faces policy headwinds, diversification into capital markets could offer new revenue streams and reduce regulatory risk.

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Exclusive: Zerodha Fund House in talks to raise up to $100 Mn

EntrackrEntrackr · 2y ago
Exclusive: Zerodha Fund House in talks to raise up to $100 Mn
Medial

Stock broking space has turned hyper competitive in the past two years and the players in the space have been diversifying into more investment products. After Groww, launched its own mutual fund, stock broking major Zerodha and Smallcase created a joint venture – Zerodha Fund House – to float an asset management company or a mutual fund in 2023. Now, Zerodha Fund House is eyeing external investment, said three sources aware of the details of the conversation. “They are in preliminary discussions with several investors to raise up to $100 million for the AMC business,” said one of the sources requesting anonymity. For the uninitiated, this would be a first for the Zerodha Group to seek external fundraise ever. The Kamath brothers-owned stock-broking company has been bootstrapped since 2010. “The talks are exploratory in nature and Zerodha Fund House may take months to finalize the deal,” said another source who also wished not to be named as this person isn’t authorized to speak to the media. Zerodha Fund House is managed by an entity named Zerodha Assets Management Private Limited. According to the data sourced from the startup data intelligence platform TheKredible, Zerodha Broking owns 70% of the share capital while the remaining stake belongs to Smallcase. Zerodha Fund House launched its two index funds: Zerodha Nifty LargeMidcap 250 Index Fund and Zerodha ELSS Tax Saver Nifty Large MidCap 250 Index Fund with a portfolio of 250 Indian companies. The company also launched its Liquid [with an asset under management (AUM) of Rs 311 crore] and Gold ETF with an AUM of Rs 35 crore. According to sources, Zerodha got into the AMC business as it wants to assemble different pieces of wealth management along with its core stock broking business. Queries sent to Zerodha Fund House and Smallcase on Monday didn’t elicit any response. We will update the story in case they respond. The stock breaking space has been witnessing fierce competition with four major players: Zerodha, Groww, AngelOne and Upstox. Groww surpassed Zerodha in terms of users in October last year. Interestingly, all four players were profitable in the fiscal year ending March 2023.

Exclusive: Zetwerk to acquire majority stake in Kryfs

EntrackrEntrackr · 7m ago
Exclusive: Zetwerk to acquire majority stake in Kryfs
Medial

Exclusive: Zetwerk to acquire majority stake in Kryfs Full-stack manufacturing services platform Zetwerk has moved to acquire a majority stake in Mumbai-based Kryfs Power Components, a maker of transformer cores and electrical steel products, according to regulatory filings reviewed by Entrackr. As per the filings, Zetwerk will acquire a 51% stake in Kryfs in a stock deal. The board at Zetwerk has passed a board resolution to issue 2.56 crore preference shares worth Rs 238 crore to Kryfs’s shareholders: Saifuddin Fakhruddin Qureishi, Rauzat Saifuddin Qureishi, and Aalliyah Qureishi as part of the transaction. Importantly, it remains unclear whether the remaining 49% stake will be settled in cash or in a future transaction. Queries sent to Zetwerk remained unanswered at the time of publication. The potential acquisition comes just after the company has received Rs 600 crore from its founder-owned entity Creovate Innovation. Entrackr had exclusively reported this development. Founded in 1992, KRYFS is a transformer core maker with a capacity to process 50,000 MT of CRGO electrical steel annually. The company operates across the energy supply chain, from solar power generation to transformer manufacturing, and runs 10 plants across Dadra and Nagar Haveli, Maharashtra, Gujarat, and Madhya Pradesh. ​​Zetwerk’s acquisition aligns with its plans for a $400–500 million IPO at a targeted $5 billion valuation. Adding established, revenue-generating companies like KRYFS will strengthen its manufacturing base and sharpen its positioning ahead of the listing. According to startup data intelligence platform TheKredible, Zetwerk has raised over $800 million through a mix of equity and debt funding, including a $70 million Series F round led by Khosla Ventures in December last year, which pegged its post-money valuation at $3 billion. The development was exclusively reported by Entrackr then. While it has yet to disclose its FY25 numbers, the firm reported a 26% year-on-year increase in gross revenue to Rs 14,436 crore in FY24. Zetwerk competes with Infra.Market, OfBusiness, and Moglix. Infra.Market recently raised $150 million from Mars Growth Capital.

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