China game company Kalends 93 million got 60% stake from Grindr

2016-01-12 18:27 Original gallonwang


Grindr.jpg
On Jan 11, Grindr, the world’s largest gay social networking website announced they had sold a majority stake to China Kalends, a China game company, valuing the six-year-old start-up at $155 million. And Kalends will acquire 60 percent of Grindr, with the remainder to be owned by Grindr employees and Joel Simkhai, the company’s founder. Grindr has previously not raised capital from outside investors.

Grindr is a dating and social networking website for gay men, with two million regular visitors every day, who spend an average of 54 minutes using the app. It is currently available in 192 countries. Grindr’s revenue was about $32 million in 2014, according to a financial disclosure, up 29 percent from $25 million in 2013.

For Kalends, Grindr offers a chance to expand beyond its core game assets and into other lifestyle categories, as well as markets outside China. Kalends said the acquisition will contribute to the mutual transformation of users in games, software Distribution, Internet finance and social utilities.

“We have been very impressed by Grindr’s progress to date and are extremely excited about the future of the company,” Yahui Zhou, chairman of Kalends, said in a statement. “We will continue to seek out and invest in high-quality technology companies led by top-tier management across the globe.”

 





【The report is originally made by gallonwang, please indicate the source while reproducing.】

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