Delhi-based Golf inventory aggregator GolfLan, has acquired Singapore-based online golf aggregation platform GolfGreedy in a mixed cash and stock deal, reported ET. This is GolfLAN’s second acquisition in six months.
As per the deal, GolfGreedy will become a part of the GolfLan group but will continue to operate under its own brand name. Also, GolfLan will now manage GolfGreedy’s 10,000 subscribers from Singapore and nearby areas on its platform.
Founded in 2011 by Dhruv Verma, GolfLan offers online tee time bookings in golf courses globally, membership plans for golfers, enables new and existing golfers to better their game through the learn program and also shop golf equipment & accessories online.
Currently, the startup provides real-time golf tee slots at over 1,200 courses, with 40000+ users in more than 40 countries and is looking to expand it to 2,000 by the end of 2017. High ticket sizes in the business allow for steady gross margins which GolfLAN claims are in the range of 25-30% where the average ticket size is around $40 for tee bookings.
GolfLAN will invest $1 Mn in the company’s operations over the next 12-18 months. Post the transaction with GolfGreedy, GolfLAN is valued at about $12 Mn. “We have a commitment to invest $0.5 Mn in technology this year and the idea is to build a strategic advantage for us as a brand,” said Verma.
The company is already established in India, Middle East & South East Asia and has now set up shop in the US. It has signed up with 16 golf courses in keeping with its goal of establishing itself in the country by 2019. “We have already hired a team in the US and that (expansion in the US) is the phase 3 plan. We know that a possible exit for our investors will come from the US,” said Dhruv Verma.
Prior to this, the company had acquired Dubai-based golf technology company StayPrime.