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NEW Contests2win sells Hong Kong arm of Mobile2win to Walt Disney

NEW Contests2win sells Hong Kong arm of Mobile2win to Walt Disney

Author | Asit Ranjan Mishra | Thursday, Aug 31,2006 5:14 PM

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NEW Contests2win sells Hong Kong arm of Mobile2win to Walt Disney

Online gaming and content portal Contests2win has sold its Hong Kong-based wireless marketing solutions company, M2W Ltd, to Walt Disney Internet Group. However, the company said the acquisition will not impact the Indian operations of Mobile2win.

Declining to give out details of the financial deal with Disney, Alok Kejriwal, Founder and CEO, Contests2win, said, “This is a significant milestone for us. We began as a small company and within a span of three years we have created a leadership position in the mobile marketing and mobile value added market. This exit demonstrates our ability to build significant value for all our stakeholders.”

Commenting on future plans, Kejriwal said, “Our two divisions, Games2win and Media2win, will be the beneficiaries of this deal. We will be heavily investing in these two arms and will promote them aggressively. We have a five-year ambitious plan for Games2win to build it as the most popular gaming site. We will launch more casual and downloadable games in a month’s time and Massively Multiplayer Online Games (MMOG) in three months time.”

The company is making an investment of $5-7 million in Games2win and Media2win, Kejriwal further informed.

Contests2win was funded by venture capital firms ICICI Ventures and eVentures. eVentures is a VC firm formed by Soft Bank Asia and Rubert Murdoch's STAR.

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