IE Venture Fund I to invest in Fanclash

Info Edge India Ltd has announced that IE Venture Fund I has entered into an agreement to invest about Rs. 3.5 Crore in Fanbuff Esports India Private Limited ("Fanclash").

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 said investment would help IE Venture Fund I to support and grow Fanclash's business in India.

The IE Venture Fund I has agreed to acquire 3,077 0.01% Series Seed Compulsorily Convertible Preference Shares having Face value of Rs. 10/- each at 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.

Shares of INFO EDGE (INDIA) LTD. was last trading in BSE at Rs.2451.2 as compared to the previous close of Rs. 2401.4. The total number of shares traded during the day was 7969 in over 1095 trades.

The stock hit an intraday high of Rs. 2489.9 and intraday low of 2410.8. The net turnover during the day was Rs. 19524672.

Source : Equity Bulls

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