Strategic investment opens up growth opportunities in rapidly growing Indian online rummy website Rummy Passion.
U.K. Based Stride Gaming PLC (AIM:STR), the fast-growing online gaming operator, today announces it has acquired a 51% stake in Passion Gaming, a Rummy-focused online gaming company in India, for a cash consideration of USD 3.75m which is invested in the company. The investment fits with the Company’s stated long-term growth strategy of expanding Stride Gaming’s presence into new growth markets and attractive, related online gaming product verticals.
Passion Gaming operates www.RummyPassion.com and is focused on the Indian skills gaming market, with a particular emphasis on Rummy. The Company’s investment provides Passion Gaming with the capital needed to invest further in marketing, technology and customer service teams to capitalize on a rapidly growing market whilst diversifying Stride Gaming’s portfolio into attractive new products and markets.
An innovative online gaming company, Passion Gaming provides the finest digital card games like online rummy to players in India. Launched in 2015 by seasoned gaming entrepreneur Bobby Garg, Passion Gaming set the focus on the real money Indian Rummy market.
The flagship site RummyPassion.com runs on a robust propriety platform managed by a team of over 35 experienced professionals based in the northern Indian city of Chandigarh. The Indian Rummy market remains early stage, with the broader skills gaming market expected to grow exponentially in India, the second largest country in the world by internet population. Rummy Passion has successfully increased player numbers month on month thanks to its focus on enhancing user experience and engagement to improve loyalty.
Eitan Boyd, CEO of Stride Gaming said:
“We are delighted to announce this investment which gives Stride Gaming a highly attractive and strategic yet low risk entry to a rapidly growing and legalised market with enormous potential.
We have been monitoring the Indian market for some time as we see strong dynamics in the current environment as well as long term growth potential. Our UK market experience and proprietary technology advantage, combined with Passion Gaming’s market positioning and operational focus creates a highly attractive proposition. It has been a pleasure to get to know Bobby and his team and we are very excited about the opportunities together.”
Bobby Garg, Co-Founder and CEO of Passion Gaming said:
“We are delighted to partner with Stride Gaming who are widely recognised as a leading operator and platform provider to the online gaming industry, with an enviable growth track record. Our vision is to provide exhilarating, safe and secure skill gaming to players in India. Working with Stride Gaming places us in a strong position to bring international standards to rapidly growing Indian gaming market as we continue to focus on player acquisition, engagement and loyalty.”