Indian gaming and hospitality firm, Delta Corp Limited, has announced that it has signed a deal that is to see it spend approximately $2.28 million in order to acquire a 15.52% stake in its home nation’s second largest online daily fantasy sports operator, Halaplay Technologies Private Limited.
The Mumbai-listed enterprise used an official Friday filing (pdf) to reveal that the agreement is expected to be completed by the first day of May and will involve its purchase of some 31,994 shares in Halaplay Technologies Private Limited via two tranches.
Following the completion of this arrangement, Delta Corp moreover explained that its Guassian Networks Private Limited subordinate has agreed to transfer all of its own online daily fantasy sports operations to Halaplay in exchange for a further 4.03% stake in its Bengaluru-based rival.
Delta detailed that Halaplay is the operator behind the daily fantasy sports domain at HalaPlay.com and posted combined turnover for its most recent financial year of around $424,600 courtesy of over two million users.
According to a report from CalvinAyre.com, the newly-signed understanding is due to see Delta Corp and Gaussian N together control nearly a fifth of Halaplay Technologies Private Limited. The news domain stated that the acquisitions will allow both to participate in India’s rapidly-expanding daily fantasy sports market while also gaining a significant presence in the Asian nation’s emerging online gaming space.
It was further reported that Halaplay is currently the second largest online daily fantasy sports firm in India behind rival operator Dream11 and furthermore counts local venture capital fund Kae Capital and prominent mobile games developer Nazara Technologies Limited as key investors.