Bobby Garg and Priya Kumar, the co-founders of Indian rummy operator Passion Gaming, have re-acquired all company shares from their investors and are back in control of the company. The company’s shareholders included global gambling giant Rank Group.
Rank Group, through its Stride Investments subsidiary, had invested $5 million in Passion Gaming shares, comprising of $3.75 million through External Commercial Borrowing in the company.
However, Passion Gaming, best known for its Rummi Passion product, is now back in control after reacquiring its shares for an undisclosed sum. With 10 million registered users and a REimagined Unity-based tech stack, Passion Gaming is scalable and poised to capitalize on the Indian gaming market.
While the company is wary of the 28% tax in India, it is certain that its commitment to sustainability would help it navigate the challenging Indian gaming landscape. Despite that, Passion Gaming is hopeful that the government will implement fairer taxation policies.
Passion Gaming Is Passionate About Sustainability
Priya Kumar said that the Passion Gaming team is proud to re-achieve 100% ownership, calling it a “rarity in a founder’s journey.” He further added that this move will allow the company to pursue its vision with autonomy and tap into the Indian skill gaming market as it sees fit.
Bobby Garg also weighed in on the matter expressing optimism about the future of 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.
Bobby Garg, co-founder, Passion Gaming
Finally, Gagan Kharbanda, chief operating officer of the company, highlighted Passion Gaming’s ambition to prioritize safer gaming and sustainability. To that end, the company sports secure account balances, robust AML measures and a commitment to fair gameplay.
During its 8 years in operation, the company has managed to cultivate a strong relationship with its players, cementing itself as India’s number one rummy app, Kharbanda Concluded.
Speaking of India, Stake.com, a leading crypto betting operator, continues to capitalize on the local market. While many competitors have pulled out because of India’s new tax, the online gambling powerhouse chose to stay and tap into the growing demand for IPL betting.
