ETtechHike, an early investor in social gaming platform WinZO, has exited the firm following a $12 million share buyback. WinZO said this gave Hike a four-fold return on the investment it made in May 2019.
The buyback comes after the company raised an additional $13 million from existing investors Stephan Pagliuca, Makers Fund and Courtside Venture.
This exit, which has received a go-ahead from the Ministry of Corporate Affairs, saw WinZO buy back Hike’s share for $12 million, making it one of the largest such transactions by an early-stage startup in India. Hike had earlier participated in the $5 million Series-A funding in WinZO back in 2019 and has walked away with 4X returns in 18 months.
Paavan Nanda, co-founder of WinZO, said, “Hike’s been given a complete exit from WinZO. As founders, we are super chuffed and humbled to have a board that is extremely bullish and completely aligned with the audacious goals we have set for ourselves. They had immensely supported the company through the process.”
The buyback comes after the company raised an additional $13 million from existing investors Stephan Pagliuca, Makers Fund and Courtside Venture.
Earlier this year, Hike had announced it was shutting down its primary messaging business and launching a gaming app called Rush, similar to WinZO.
This exit, which has received a go-ahead from the Ministry of Corporate Affairs, saw WinZO buy back Hike’s share for $12 million, making it one of the largest such transactions by an early-stage startup in India. Hike had earlier participated in the $5 million Series-A funding in WinZO back in 2019 and has walked away with 4X returns in 18 months.
Paavan Nanda, co-founder of WinZO, said, “Hike’s been given a complete exit from WinZO. As founders, we are super chuffed and humbled to have a board that is extremely bullish and completely aligned with the audacious goals we have set for ourselves. They had immensely supported the company through the process.”
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