Tiger Global, Peak XV and Steadview Capital are among 30 foreign and domestic investors that have asked India to reconsider its decision to impose a 28% tax on funds that online gaming companies collect from their customers, a letter seen by Reuters showed on Friday.
The group said the tax burden will increase by 1,100%, and make the online real money skill gaming business model "unviable".
"This will lead to write off of investments made and would hurt the investor confidence," the group wrote in the letter, in the first instance of direct lobbying by foreign investors.to the finance ministry last week, with a similar request, saying the tax will stifle foreign investment and put $2.5 billion already invested in the sector at risk.
Tiger Global and Peak XV, previously known as Sequoia Capital India, have invested in Indian gaming companies such as Dream11 and Mobile Premier League.Reporting by Aditya Kalra and Nikunj Ohri in New Delhi; Writing by Chris Thomas and Tanvi Mehta; Editing by Savio D'Souza and Kim CoghillAditya Kalra is the Company News Editor for Reuters in India, overseeing business coverage and reporting stories on some of the world's biggest companies.
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