Last week, Adda52’s parent company filed its draft IPO prospectus. A closer look suggests that it’s all a big gamble.
Last week, a rather peculiar company filed its draft papers for an initial public offering— Deltatech Gaming, which runs the online poker platform Adda52.
Deltatech—until recently known as Gaussian Networks—is a decade-old firm that is known for its poker tournaments and big cash prizes. It is one of the oldest online poker companies of India and one of the largest as well. It’s also expanded into other games such as rummy, but more than 90% of its business is from poker.
What is surprising is that never before has a real-money gaming company approached the public markets to raise funds …
Harveen is a co-founder at The Morning Context, and leads our Internet coverage, overseeing a team of reporters writing on startups and tech. She has previously worked as a media, consumer and tech reporter at The Ken and Mint. At The Morning Context, she writes on startups, venture capital, consumer and media businesses—from e-commerce to healthtech to streaming.
Editor, Internet
harveen@mailtmc.com
Mumbai