Latest News | WinZO Raises USD 2 Mn from Bain Capital Co-chairman Stephan Pagliuca
Get latest articles and stories on Latest News at LatestLY. Vernacular entertainment platform WinZO on Friday said it has raised USD 2 million (about Rs 15 crore) in funding from Stephan Pagliuca, co-chairman of private equity firm Bain Capital, through a mix of primary and secondary shares.
New Delhi, Oct 30 (PTI) Vernacular entertainment platform WinZO on Friday said it has raised USD 2 million (about Rs 15 crore) in funding from Stephan Pagliuca, co-chairman of private equity firm Bain Capital, through a mix of primary and secondary shares.
Pagliuca, who is also the co-owner of the popular NBA Basketball team, Boston Celtics, has invested through his office Pags group and this is his first investment in India, a statement said.
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Secondary shares - worth USD 1 million - will be purchased from employees and early investors as part of the transaction, it added.
"We are thrilled to be backed by Stephan, an investor of high repute in our growth journey. The kind of confidence exhibited by industry experts from across the globe is a testament to the scalable, sustainable and robust business we have built in a very short span of time," WinZO co-founder Saumya Singh Rathore said.
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In August this year, WinZO had announced raising USD 18 million (about Rs 132.2 crore) in funding led by Singapore-based Makers Fund, and New York-based Courtside Ventures.
Currently, the company has about 60 employees and about 80 per cent of them would be eligible for ESOPs.
"WinZO grew 10X in last 12 months, clocking 1 billion microtransactions in a month. The company aims to maintain its rate of growth at a much higher base to add 100 million registered users to the platform in the coming 12 months by reaching deeper parts of Bharat. WinZO also plans to enter South East Asia," Rathore said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)