Online gaming company Games24x7 has acquired a 24% stake in Wiseowl Securities, the parent company of Butterfly Broking (TIQS). This strategic move, approved by Games24x7’s board through a special resolution, involves a significant investment of Rs 9.1 crore. Additionally, Games24x7 has agreed to provide a short-term loan of Rs 18 crore to Wiseowl Securities, as revealed in regulatory filings obtained by Entrackr.
Wiseowl Securities functions as a stock broking entity and holds registrations as a mutual fund distributor with key financial institutions in India. Through its subsidiary, Butterfly Broking, Wiseowl offers a platform for trading in equities, derivatives, commodities, and currency on major stock exchanges like NSE and BSE.
This acquisition aligns with a growing trend among real-money gaming (RMG) companies to diversify into regulated financial services. Facing challenges due to policy shifts, RMG firms are exploring new revenue streams and reducing regulatory risks by venturing into sectors like wealth-tech and capital markets.
Source: Entrackr : Latest Posts