Head Digital Works, the parent company of the popular skill gaming platform A23, has successfully concluded its inaugural employee stock options (ESOP) buyback program, valued at $3 million. A significant 97% of eligible ESOP holders chose to sell a portion of their vested shares, with nearly half of the company’s workforce, which exceeds 500 employees, benefiting from this initiative.
Founded in 2006 by Deepak Gullapalli, Head Digital Works has emerged as a key player in the online gambling and fantasy gaming industry. The company operates several well-known platforms, including A23 (an online rummy site), Fanfight, and Cricket.com, which focus on fantasy sports. The company is known for offering a variety of payment methods to enhance user experience.
Head Digital Works currently boasts a registered user base of over 70 million across its brands. It is recognized as the pioneer in launching classic Indian Rummy online, aiming to position Rummy as a professional game and build a community of skilled players. To date, the company has raised $91 million in funding.
In a similar move, AppsForBharat recently initiated its first ESOP buyback for 25 employees. So far in 2024, nearly 20 startups have rolled out ESOP buyback, liquidity, and payout programs, totaling over $190 million in value.
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