Bobby Garg and Priya Kumar, Co-founders, Passion Gaming, have acquired its shares back from the investors for an undisclosed amount. Rank Group PLC, through its subsidiary, Stride Investments, had invested $5 million comprising $3.75 million through External Commercial Borrowing (ECB) in the company.
Priya Kumar, while commenting on the acquisition said, “Achieving 100 per cent ownership again is a rarity in a founder’s journey. 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, while sharing his view on the future of the gaming sector in India said, “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 registered users on Rummy Passion over the next three years to establish a significant leadership role in the rummy market.”
After obtaining full ownership, the company is planning to expand its user base and reinforce its position in the Indian skill gaming market.
Garg again added, “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 of gaming to differentiate permissible games from betting and gambling.”
The recent 28 per cent taxation poses challenges to the sector. “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,” commented Garg.
