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China’s Kunlun completes full buyout of Grindr

Nearly two years to the day of its infancy investment in Grindr, China-based tech organisation Kunlun Group has entirely acquired the happy dating app.

Grindr is among the, if not the, world’s many renouned LBQT dating app with a claimed 3.3 million daily users. Kunlun, which is best famous for games but is partial of a consortium that acquired Opera’s browser business, bought 60 percent of the service in Jan 2016 for $93 million. China Money Network reported that Kunlun paid $152 million for the remaining stake, that’s according to batch filings.

The understanding will also see a change in the structure of Grindr’s business with CEO and founder Joel Simkhai exiting the company. The startup’s stream house chairman, Yahui Zhou, is stepping in as halt CEO until a full-time deputy is hired.

In other exec shuffles, stream vice-chairman Wei Zhou becomes CFO with Scott Chen, before with Facebook and Instagram, moving in as CTO.

“I’m over unapproachable of what we’ve built as a group and how Grindr has been means to make a suggestive and durability grant to the global community. We have achieved the success since of the strength and global strech of the community. we demeanour brazen to Grindr and Kunlun’s continued joining to building tolerance, equality, and honour around the world,” Simkhai pronounced in a statement.

Grindr was founded over 7 years ago and it never lifted outward money. That’s flattering singular in this day and age.

Featured Image: Leon Neal/Getty Images

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