Passion Gaming co-founders reacquire full ownership from investors

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Bobby Garg (CEO & Co-founder, Passion Gaming) and Priya Kumar (Director & Head of Content Strategy), have reacquired the company’s shares from their investors for an undisclosed amount. This marks an significant event for the company, which had previously received a $5 million investment from Rank Group PLC’s subsidiary, Stride Investments, including $3.75 million through External Commercial Borrowing (ECB).

“Achieving 100% ownership again is a rarity in a founder’s journey,” said Kumar. “This move empowers us to pursue our vision with full autonomy and capitalize on the immense potential we see in the Indian skill gaming market.”

Passion Gaming, renowned for its flagship product Rummy Passion, has over 10 million registered players. The company has developed a REimagined tech stack utilizing Unity and advanced software for scalability, askin aiming to position itself for continued success in the rapidly growing sector.

“We hold an optimistic view of the future for skill gaming in India,” stated Garg. “Navigating the complexities of taxation and hopeful of a positive regulatory setup in the skill gaming industry, we aim to reach 100 million registered users on Rummy Passion over the next three years to establish a leadership role in the rummy market.”

The company emphasizes responsible gaming with measures such as secure player balances, anti-money laundering protocols, and a commitment to fair gameplay. “Over the past eight years, we’ve cultivated a strong relationship with our players, solidifying Rummy Passion’s position as India’s Most Loved Rummy App,” added COO Gagan Kharbanda.

Despite the recent 28% taxation challenges faced by the sector, Garg remains hopeful. “We hope the government seizes this opportunity to put India in the pole position globally in the gaming sector by fostering entrepreneurship in skill gaming and implementing fair taxation policies,” he commented. “We are optimistic that with our continued commitment to player protection, the skill gaming sector can prosper. We keep our faith in the present progressive government, which we feel can regulate the skill gaming to differentiate permissible games from betting and gambling.”

Passion Gaming was one of 71 online skill gaming companies to receive Show Cause Notices demanding a total of ₹1.2 lakh crores in retrospective GST. It was the only company to receive a demand order from GST authorities, which it challenged through the Punjab and Haryana High Court, obtaining a stay on the matter.

As Passion Gaming moves forward with full ownership, the company looks to expand its user base and reinforce its position in the Indian skill gaming market.