TOM Online may exit Indiagames
Category: Gaming | 1 Comment | Posted on September 21, 2006
Even as Indiagames is tapping the private equity market to raise about $25m for expansion, there are reports that its majority stake holder, China’s TOM Online, is looking to exit the company.
TOM had invested $18-20 million for a majority stake in the company in 2004. Soon after it diluted its stake to 62%, with Adobe and Cisco infusing fresh funds.
According to ET, Yahoo, Google and Amazon could line up for a controlling interest in the gaming company.
Vishal Gondal, CEO of Indiagames, said he was unaware of TOM Online’s exit plans.
“We are looking for a large round of growth capital since we are focusing on the domestic mobile and online gaming market.Comments
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VeerChand Bothra
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September 24th, 2006 @ 7:09 am
[...] or Indiagames to justify a valuation of $70 million and find a strategic investor. Source: MobilePundit
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