The founders of Indian operator Passion Gaming have bought back shares from investors, regaining full control of the company.
Passion Gaming, known for its real-money online rummy platform Rummy Passion, has exceeded 10 million registered players in 2023.
In 2017, the UK-based Rank Group invested $3.75 million in Passion Gaming via its subsidiary Stride Investments, securing a 51% stake.
This week, co-founders Bobby Garg and Priya Kumar announced they have successfully re-acquired these shares for an undisclosed amount.
“Achieving 100% ownership again is a rarity in a founder’s journey,” said Kumar.
“This move empowers us to pursue our vision with full autonomy and capitalise on the immense potential we see in the Indian skill gaming market.”
Garg added that: “We hold an optimistic view of the future for skill gaming in India.
“Navigating the complexities of taxation and hopeful of a positive regulatory setup in the skill gaming industry, we aim to reach 10 crore [100 million] registered users on Rummy Passion over the next three years to establish a significant leadership role in the rummy market.”
Passion Gaming also addressed the 28% deposit fee for online gambling imposed by India’s Goods and Services Tax (GST), which continues to apply to skill game operators in the country.
The tax “poses challenges to the sector,” Passion said, as co-founder Barg suggested: “We hope the government seizes this opportunity to put India in the pole position globally in the gaming sector by fostering entrepreneurship in skill gaming and implementing fair taxation policies.
“We are optimistic that with our continued commitment to player protection the skill gaming sector can prosper. We keep our faith in the present progressive government which, we feel, can regulate the skill gaming to differentiate permissible games from betting and gambling.”
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