Dehli-based golf course aggregator, GolfLAN has acquired its Singapore-based competitor GolfGreedy in a cash-and-stock deal, the company said in a statement on Monday.
This deal comes as GolfLAN’s second acquisition in six months after it has bought Dubai-based golf technology company StayPrime in July 2016 for US$1 million.
Founded in 2011 by Dhruv Verma, an XLRI alumni and avid golfer, GolfLAN offers a subscription-based service for golfers to book tee times through the startup without the requirements of having a club membership.
GolfLan.com, a unit of GolfLAN Technology Solutions, is an online golf marketplace that is digitising the sport to make it more accessible, subsidised and convenient for the masses.
On GolfLAN’s cloud-based software-as-a-service (SaaS) platform Online Tee Time Organiser (OTTO), both amateur and professional golfers can find golf equipment and trainers, in addition to booking tee slots at over 1,000 courses across 40 countries from anywhere in the world.
Following this acquisition, GolfGreedy will become part of the GolfLAN group but will continue to operate under its own brand name. More than 10,000 subscribers of GolfGreedy, mainly from Singapore and nearby regions, will gain access to all the golf courses on the GolfLAN platform, that is 1,200 courses across 40 countries pro-acquisition.
Besides, the golf platform is also looking to expand it to 2,000 by the end of 2017. While club operators registered with GolfGreedy will be able to use GolfLAN’s superior golf cart management system and tee sheet management solution.
“Singapore is an important golfing destination in Southeast 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,” said Dhruv Verma, the founder and CEO of GolfLAN.
In November last year, the company has raised US$1 million (Rs 6.65 crore) from existing investors YourNest Angel Fund and Africa’s IT/ITES group iSON. Prior to that, it has also raised US$1 million in its first round of funding from YourNest and other angel investors in March 2015.
Recently, GolfLAN is looking at Africa, the U.S. and Australia for its next phase of expansion. “Our inorganic strategy for phase 1 is done. Now we will pump more money to grow these companies and will focus on phases 2 which will begin with South Africa,” said Verma adding that the company is in talks for a potential acquisition in the mentioned country within the next six to nine months.
Commenting on the acquisition, Sunil Goyal, the CEO of YourNest as well as an investor of GolfLAN said, “GolfLan is on a high growth trajectory with an energetic founding team that thinks long term. Our team has been actively engaging with Dhruv and team, as they work towards their goal of being the world’s best tee-time aggregator. We are thrilled to see them grow fast and are confident that they will drive further technology disruption and innovation in the golfing market.”
Also, with GolfGreedy and StayPrime in its ownership, the Dehli-based aggregator will consolidate its position as the leading provider of golf and related technology products in its key focus markets of Southeast Asia, the Middle East and India. GolfLan is also in talks with venture capital investors to raise about US$5 million by July.
“We are excited to be a part of the GolfLAN family. We started as a golf course aggregator to help golfers pursue their passion to get a good round at reasonable prices. Today we are still very much focused on doing that, albeit with more intelligence built in so that we can add value to the customer’s gold search and booking journey,” Gerald Koh, the co-founder of GolfGreedy said.
The company is looking to beef up its technology in 2017 and will launch an in-house service along the lines of StayPrime, in addition to investing US$1 million for market development in the Southeast Asian region over the next year.
By Vivian Foo, Unicorn Media