A23-parent Head Digital Works rolls out ESOP buyback worth $3 Mn

Head Digital Works, the parent company of skill gaming platform A23, has announced the completion of its first-ever employee stock options (ESOP) buyback program worth $3 million. 

Among the eligible ESOP holders, 97% opted to sell a portion of their vested ESOPs as part of the program. In total, nearly half of the company’s current employee base of over 500 benefited from the buyback.

Founded in 2006 by Deepak Gullapalli, Head Digital Works is an online gambling and fantasy gaming platform that has developed various platforms, including A23, an online rummy platform, and Fanfight and Cricket.com, which focus on fantasy gaming. The company offers features such as various payment options to enhance user convenience.

Currently, it has over 70 million registered users across its brands. Head Digital Works claims to be the first website to launch classical Indian Rummy, aiming to promote Rummy as a professional game and foster a community of skilled gamers. To date, the company has raised $91 million.

Recently, AppsForBharat announced its first ESOP buyback for 25 employees. In 2024, nearly 20 startups have implemented ESOP buyback, liquidity, and payout programs worth more than $190 million.