Vereeni acquires stake in Indian fantasy sports operator
Venture capital fund Vereeni Investments has acquired a stake in India-facing fantasy sports operator Nostragamus for a seven-figure sum.
Vereeni did not disclose the value of the deal, but did confirm that the purchase will see it take a significant stake in Nostragamus. The operator runs a mobile app that has been downloaded more than 5m times and adds over half a million new downloads every month.
Nostragamus will now join Vereeni’s €100m ‘Level Up’ tech fund alongside other early-stage ventures spanning the fintech, online gaming, business intelligence, insurance technology and blockchain verticals.
Incorp Advisory, a Mumbai based investment bank, served as the lead advisory on the transaction, while Assentio Legal acted as legal adviser.
“We have chosen to make a significant investment in Nostragamus because we are hugely impressed by its team and the speed at which it has scaled,” Vereeni founder and chief executive Timothy John Heath said.
“India is an exciting market for the gaming industry, and Nostragamus’ innovative marketing and world-class product proposition places it at the head of the field.”
Nostragamus chief executive Yashashvi Takallapalli added: “This investment from Vereeni will not only help us accelerate our growth, but also give us access to an unparalleled network of international igaming expertise. We are thrilled to join the Vereeni network and look forward to further pushing forward the fantasy sports vertical over the coming months and years.”
Nostragamus becomes Vereeni’s second major daily fantasy sports investment this year, following its acquisition of a majority stake in Australian operator Moneyball in March.
Vereeni also recently purchased a 25% holding in Brazilian gaming content development studio Caleta Gaming for an undisclosed seven-figure GBP investment.