Chinese company buys majority stake in Grindr

grindr2A Chinese company has bought a majority share of social networking app Grindr.

Beijing Kunlun World Wide Technology Co bught a majority stake in the comany for $93 million, valuing the app at $248 million, based on nearly $40 million in 2015 revenue.

Beijing Kunlun, who are the biggest games and publishing company in China, have purchased 60% of Grindr.

Grindr founder Joel Simkhai, who launched the social app in 2009, told users that there would be no difference in their experience of the app.

“It will generally be business as usual for us here at Grindr, but with a renewed sense of purpose and additional resources to deliver a great product to you,” Simkhai announced in a blog post late yesterday. “We hope you are enjoying our app and know you will be delighted by the new features and services we have planned this year.”

Grindr is the dominant app in the gay dating space with over 2 million daily users, who spend an average time if 54 minutes on the site. The service i’s facing tough competition however from niche apps like Scruff and Hornet, alongside apps aimed at a wider community like Tindr.

OIP Staff

 

 

 

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