South Korean video game company Krafton has picked up a 19.9% stake in conversational media platform Bobble.ai for Rs 206 crore, as per media reports.
According to reports, the South Korean company has brought primary and secondary shares in the company.
The reports stated that the proceeds from the primary shares will be used for vendor payments, employee incentives, and business expansion.
A regulatory filing with the Registrar of Companies (RoC) shows that the Board of Directors at Bobble.ai had approved a special resolution to issue 2,375 preference shares, at Rs 3,07,029 per share, to raise Rs 72.9 crore ($9.2 million) from Krafton Inc.
Moreover, as per Affle’s disclosure with the National Stock Exchange, Krafton has also acquired 4,339 Series C CCPS from Affle for Rs 133 crore, representing a 12.39% stake in Bobble.
According to the report, Bobble’s losses had increased by 45% to Rs 12.3 crore during the fiscal year ending March 2021, as per its annual financial statement with the RoC.
Over the past year, Krafton has made several investements in companies like Nautilus Mobile, Pratilipi, Nodwin, Pocket FM, Kuku FM, dating app Frnd, and game streaming service Loco. According to the South Korean business, it has already made a $100 million investment in the Indian market.