Delhi-based first-ever global golf marketplace, GolfLan, has taken over its Singapore-headquartered competitor GolfGreedy in a mixed cash and stock deal.
Post the acquisition, the latter will become a part of the GolfLan Group but will continue to operate separately under its own brand name. This deal will hike up the count of the courses on GolfLan’s platform to 1,200 across 40 Asian countries which it seeks to expand to 2,000 by the end of this year. Whereas, following the deal, the company is speculated to be valued at $12 million.
This is GolfLan’s second such deal in the past six months. Earlier in July, it acquired Dubai-based golf-tech company StayPrime for $1 million. Dhruv Verma, Founder and CEO GolfLan said,
Singapore is an important golfing destination in South-East Asia. And golf, as an industry, is also growing rapidly. This transaction clearly establishes our leadership in this region and industry. Golf lovers, through us, will get a host of choices to book a tee time and also experience a range of our world-class services.
This deal will witness club operators registered with GolfGreedy using GolfLan’s golf cart management system and tee-sheet management solution. Also, about 10,000 subscribers of GolfGreedy from Singapore and nearby areas, will be able to access all the courses on GolfLan’s platform.
GolfLan, founded in 2011 by Dhruv Verma, is touted as Asia’s largest real-time tee-booking destination. It provides a bunch of services for amateur and professional golfers. Its Elite Golfer’s Card subscription simplifies tee-time booking, gives access to tournament participation and reduces fees for playtime. Additionally, it entails a fully loaded Pro Shop and learning lessons for golfers.
GolfLan, now, is aiming towards raising $5 million in July this year, while, it plans to spend around $1 million to devop the market in Southeast Asian region in over a period of a year. It is also seeking to accelerate technological development of the platform and launch an in-house service along the lines of StayPrime.
Recently funded by YourNest Angel Fund and African IT-ITeS group iSON, it is mulling over the possiblity of expanding into Africa, the US and Australia. In a statement given to ET, Dhruv said, they will begin extending the base from South Africa and are in talks to acquire a company within next six or nine months there.
He further added they have commited around half a million in technology to have a strategic advantage as a brand. The company has set up a shop in US and signed up with 16 golf courses in order to achieve its aim to establish there by 2019. Having hired a team already in the States, Dhruv adds the expansion to US may lead to a possible exit from their investors.