Passion Gaming Founders Acquire Shares Back from Its Investors
PANCHKULA, India, July 8, 2024 /PRNewswire/ — Co-founders Bobby Garg and Priya Kumar have successfully re-acquired Passion Gaming shares from their investors for an undisclosed amount. Rank Group PLC, through its subsidiary, Stride Investments, had invested $5 million comprising of $3.75 million through External Commercial Borrowing (ECB) in the company.
“Achieving 100% ownership again is a rarity in a founder’s journey,” says Priya Kumar. “This move empowers us to pursue our vision with full autonomy and capitalize on the immense potential we see in the Indian skill gaming market.”
Passion Gaming, known for its flagship product Rummy Passion, boasts over 1 crore registered players and a REimagined tech stack built using Unity and cutting-edge software that allows for scalability, Passion Gaming is primed for continued success.
“We hold an optimistic view of the future for skill gaming in India,” says Bobby Garg. “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.”
The company prioritizes responsible gaming through secure player balances, anti-money laundering measures, and fair gameplay commitment. COO Gagan Kharbanda states, “Over the past 8 year we’ve cultivated a strong relationship with our players, solidifying Rummy Passion’s position as India’s Most Loved Rummy App.”
The recent 28% 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 Bobby Garg. “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.”
Passion Gaming was one of the 71 online skill gaming companies to have received Show Cause Notices demanding a total of 1.2 lakh crores in retrospective GST. It was the only company to have received a demand order from GST authorities which it challenged through the Punjab and Haryana High Court and got a stay on the matter.
About Passion Gaming
Passion Gaming, one of the best online skill gaming companies in India offers Online Cash Rummy games to over 1 Crore Players in India through its flagship product, Rummy Passion.
Through its commitment to providing great gaming experiences and player delight, the company has established itself as an industry leader in the Online Gaming market.
Passion Gaming has seen steady year-on-year growth as it continues to reach new players across the country and plans for many more years of steadfast success. This success is powered by its vision and process of cultivating innovative concepts as well as harnessing the positive work environment.
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