India Dealbook: Rummy Passion, MobieFit raise funding

Photo: Mint

Online gaming company Rummy Passion has raised $3.75 million even as fitness startup MobieFit has received a $1.35 million funding led by NB Ventures.

Online gaming company Rummy Passion raises $3.75m

Passion Gaming Pvt Ltd, which runs an online gaming company, has raised $3.75 million from Stride Gaming Plc, according to a statement.

In the process, the company has divested 51 per cent stake in an all cash deal. Rummy Passion will invest the money in the company’s working capital to achieve faster growth.

“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,” said Bobby Garg, founder and CEO, Passion Gaming.

Stride Gaming has the right to acquire the remaining 49 per cent of Passion Gaming from the existing shareholders over a three to five year period, using a combination of cash and shares based on the future financial performance of the company.

Mobiefit receives $1.35m funding led by NB Ventures

Fitness startup MobieFit has received a $1.35 million funding in a pre-Series A round led by Dubai-based NB Ventures. Existing investor MediAssist India also took part in the round, the company said in a statement.

MediAssist provides services related to medical insurance to over 25 million customers and around 5,500 companies.

In December 2015, the company had raised $1 million in seed funding.

Also Read:

India Dealbook: Chumbak Design gets $13m; Utkarsh Microfin $23m rights issue