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Stake sale · Financial Services

Games24x7 buys 24% stake in Wiseowl Securities

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Date
Company
Games24x7
What it does
Stock broking and mutual fund distributor
Kind
Stake sale
Amount
Rs 9.1 crore
Sector
Financial Services

What they do

Wiseowl Securities provides stock broking and mutual fund distribution services

What happened

Games24x7 acquired a 24% stake for Rs 9.1 crore and provided an Rs 18 crore short-term loan

Why it matters

This move comes as RMG companies explore new verticals amid a blanket ban

The details

  • Games24x7 has acquired a 24% stake in Wiseowl Securities.
  • The transaction price was Rs 9.1 crore according to the facts.
  • Games24x7 also provided a short-term loan of Rs 18 crore to Wiseowl.
  • The Games24x7 board passed a special resolution for this stake purchase.
  • Wiseowl Securities operates the Butterfly Broking platform as a wholly owned subsidiary.
  • This deal allows Games24x7 to enter the financial services sector.
  • The investment marks a strategic expansion for the gaming company.
  • Wiseowl Securities is registered with AMFI and BSE for mutual fund distribution.

The bigger picture

  • Real money gaming companies are exploring new verticals due to blanket bans.
  • Dream Sports entered wealth-tech via its Dream Money app previously.
  • WinZO experimented with a gold product called ZO Gold earlier.
  • Zupee expanded into content and lifestyle-led verticals recently.

About the business

  • Wiseowl Securities runs a stock broking business directly.
  • It acts as a mutual fund distributor registered with AMFI and BSE.
  • Its subsidiary Butterfly Broking offers access to NSE and BSE exchanges.
  • Users can trade equities, derivatives, commodities, and currency on the platform.

The deal

Type
stake-sale

Investors

  • Games24x7 (buyer) — Gaming company expanding into financial services.

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