MUMBAI: Info Edge (India) has announced that IE Venture Fund I, the technology major’s investment vehicle, has entered into an agreement to invest about Rs 35 million in Fanbuff Esports India.
Fanbuff Esports operates e-sports community engagement platform “Fanclash”.
The IE Venture Fund will acquire 3,077 series seed compulsorily convertible preference shares at a face value of Rs 10 and a premium of Rs 11,364.70. The aggregate shareholding of IE Venture Fund I, post this investment, in Fanclash would be 20% on a fully converted & diluted basis.
Fanclash is an online e-sports focused engagement and community platform. E-sports fans can watch, play, follow various games like Free Fire, PUBG, Counter Strike and engage with their favorite esports players and streamers on the platform. Fanclash’s vision is to become the go-to platform for e-sports fans.
The investment will help support Fanclash to grow its business in India, Info Edge said in a filing.
Besides its investment in Fanbuff Esports, IE Venture Fund I is also putting Rs 37 million behind Intellihealth Solutions, which owns and operates telehealth platform “Truemeds”.
Info Edge (India) runs leading internet businesses like Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. Info Edge has made significant strategic investments into emerging internet companies – zomato.com, meritnation.com, policybazaar.com, Canvera.com, happilyunmarried.com.
