The deal will see Vereeni take a significant stake in Nostragamus in return for the seven-figure sum. Incorp Advisory, a Mumbai based investment bank, was the lead advisory and Assentio Legal were the legal advisers for the transaction. Nostragamus operates a popular mobile application which has been downloaded more than 5 million times and adds over half a million new downloads every month.
Nostragamus allows players to draft teams and predict results across a range of sports including cricket, football, basketball, tennis, badminton and kabaddi, with the chance to win real-money prizes.
The operator has enjoyed considerable success in the fast-growing Indian market, where it has successfully utilized micro-influencers to grow its user base.
Timothy John Heath, founder and CEO of Vereeni Investments, said: “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.
“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.”
Yashashvi Takallapalli , CEO Nostragamus, said: “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 is the second major daily fantasy sports investment made by Vereeni, joining its existing stake in Australia-facing Moneyball.
It joins Vereeni’s €100 million ‘Level Up’ tech fund alongside other promising early-stage ventures spanning the fields of fintech, online gaming, business intelligence, insuretech and blockchain verticals, including Global Gaming, OneTouch and Singular.