India’s leading online rummy platform, Ace2Three, owned by Head Infotech India Pvt. Ltd., today announced a significant investment for a majority stake by Clairvest Group, a leading global private equity firm, and select co-investors. The company has raised $73.7 million (Rs 474 crore) in a fresh round of funding.
The investment marked a full exit for Matrix Partners India which invested an undisclosed amount in Head Infotech in 2010 for a significant minority stake. Headquartered in Hyderabad, Ace2Three serves over 8 million visitors each month who play over 11 million games, all while consistently delivering 50% year-over-year growth.
“The Ace2Three team have become true leaders in the online rummy industry in India,” said Michael Wagman, a Managing Director of Clairvest Group, who will join the Head Infotech Board of Directors. “We believe the Ace2Three management team has done an exemplary job in expanding the business consistently while continuously innovating to create best-in-class product experiences for their users across platforms.”
Deepak Gullapalli, Founder and CEO, Head Infotech India Pvt. Ltd. said, “We have had a fantastic association with the Matrix Partners India team who bet on us early during a period of uncertainty and were the only institutional investor in the Ace2Three. We are also pleased to have Clairvest Group as our partner for the next phase of our growth and look forward to a close, long-term collaboration.”
"Deepak has delivered more than a 20x multiple to us in a made in India and for India business which goes to show that local and innovative business models also provide opportunities for best in class venture returns. In addition, this is a validation of our Founders First investment philosophy,” added Avnish Bajaj, Founder & Managing Director at Matrix India.
Head Infotech was founded in 2006 to bring cutting edge transformations to the Indian Gaming Industry through top notched innovations. The company created a revolutionary platform for entertainment and ten years after its inception, rejoices its leading brand Ace2Three.com. Serving more than 8 million happy players, ace2three.com continues to spearhead growth and development of the gaming industry in India.
The investment marked a full exit for Matrix Partners India which invested an undisclosed amount in Head Infotech in 2010 for a significant minority stake. Headquartered in Hyderabad, Ace2Three serves over 8 million visitors each month who play over 11 million games, all while consistently delivering 50% year-over-year growth.
“The Ace2Three team have become true leaders in the online rummy industry in India,” said Michael Wagman, a Managing Director of Clairvest Group, who will join the Head Infotech Board of Directors. “We believe the Ace2Three management team has done an exemplary job in expanding the business consistently while continuously innovating to create best-in-class product experiences for their users across platforms.”
Deepak Gullapalli, Founder and CEO, Head Infotech India Pvt. Ltd. said, “We have had a fantastic association with the Matrix Partners India team who bet on us early during a period of uncertainty and were the only institutional investor in the Ace2Three. We are also pleased to have Clairvest Group as our partner for the next phase of our growth and look forward to a close, long-term collaboration.”
"Deepak has delivered more than a 20x multiple to us in a made in India and for India business which goes to show that local and innovative business models also provide opportunities for best in class venture returns. In addition, this is a validation of our Founders First investment philosophy,” added Avnish Bajaj, Founder & Managing Director at Matrix India.
Head Infotech was founded in 2006 to bring cutting edge transformations to the Indian Gaming Industry through top notched innovations. The company created a revolutionary platform for entertainment and ten years after its inception, rejoices its leading brand Ace2Three.com. Serving more than 8 million happy players, ace2three.com continues to spearhead growth and development of the gaming industry in India.
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