Feature: Grid Logic Group MD Pariekshit Maadishetti discusses the efficacy of a rummy network and potential of online gaming in India
The Grid Logic Group is a diversified entity having interests in gaming, media, IT services and hospitality. The company recently won the runner-up award for the Emerging Indian Gaming Company at the GATO 2.0 awards organised by the Internet and Mobile Association of India (IAMAI).
In this conversation, Grid Logic Group Managing Director Pariekshit Maadishetti discusses the journey of the group, the gaming technology and software business as well as opportunities and potential in the online rummy space in India.
Full interview
Q. Can you tell us more about Grid Logic Group and the Taj Rummy Network as well as why and how you ventured into the online gaming business?
Pariekshit Maadishetti (PM): The Grid Logic Group, headquartered in India, is one of the fastest growing groups with diversified interests across various sectors including media, IT services and hospitality apart from gaming.
Our focus was RMG (Real Money Gaming) products for regulated markets back in 2010 and we happened to stumble upon rummy while scouting for something new. As rummy was India-facing, a fairly new vertical, and mostly importantly, a less-crowded market, we were convinced to launch Taj Rummy.
We had no second thoughts in going the B2B way by launching the network as it is common play in regulated markets to make it easy for new entrants. As we were the first to launch a network, we were received well by all our partners and we will hopefully lead the pack moving forward as well.
Q. A rummy network having a shared liquidity is a relatively new concept in Indian gaming. Why did you decide to focus on a rummy network instead of creating your own platform?
PM: The ‘network with shared liquidity’ model has been successful with bingo in the US/UK market for us and hence we took that route. Special thanks to all our partners who made it happen by trusting us though it was a new concept.
This move not only got us liquidity for the network but also strengthened Taj Rummy which is our flagship brand. I am happy to share that we are growing steadily and will continue to open avenues for many more partners who would like to explore rummy as an additional revenue stream.
Q. Apart from white label solution for online rummy, what are the other services that you offer to those who wish to start an online gaming business?
PM: We have a software development and IT services company within our group; Grid Logic Software which manages all services related to gaming, media, marketing, outsourcing and payments not only for India but regulated markets as well.
Q. The online rummy market is very competitive and several established players with deep pockets are competing for a share of the pie. How do you view the market and how do you differentiate yourself from the competition?
PM: Certainly no arguments about the rummy market being fiercely competitive, however, it’s a huge market with established offline audiences converting into online players. It has been growing steadily and this growth aspect is allowing us to stay profitable. It definitely takes time to attain a decent market share but we are not fighting alone, we are doing it as a network and I am hoping that we will do it faster and in the most economical way.
Q. There have been several setbacks to the online gaming business on the legal and regulatory front. How do you view the legal challenges in this space and how do you see the space evolving in future?
PM: Thankfully our legal support framework has evolved with the gaming sector as an industry and we are not alone when we have these setbacks. However, my personal view is that there will always be changes when it comes to regulations but business will continue to grow as usual and the only way forward would be regulation.
Q. Finally, can you tell us more about your expansion plans and strategies? Do you intend to foray into other games like fantasy sports and poker or into other geographies?
PM: We are working on a couple of things right now, however it’s too early to take decisions on them. As always, we are exploring to enter newer geographies as well, and we will pursue them if we find something interesting to do there!
