Dear Striker Community,
It is with a heavy heart that we announce the closure of Striker. We want to express our deepest gratitude to each and every one of you for being a crucial part of this incredible journey. Together, we experienced the highs and lows, and your unwavering support has been the driving force behind our efforts.
The decision to cease operations was not an easy one. Unfortunately, due to unforeseen challenges and evolving market conditions, we find ourselves unable to sustain the app. Despite our efforts to become profitable, the burden of GST proved to be too high, making it increasingly challenging to operate in a financially viable manner.
We want to thank you for your enthusiasm, dedication, and passion for Striker. Your participation has enriched the Striker community, making it a vibrant and engaging space for fantasy cricket enthusiasts.
As of 22nd December, Striker will no longer host fantasy contests, but wallet support will remain active until 29th February. During this period, you can reach out to us at email@example.com with any queries or concerns.
As the next steps, Striker will buy back all of your cards by 22nd December and credit buyback payout in each user’s wallet. You will also receive a detailed payout file via email, outlining the payout on per card basis. The buyback payout for these cards will be determined based on what Striker earned while selling it.
Here is the detailed timeline of the phased shutdown process:
21st December 2023:
No contests will be listed on the app post this date. IND vs SA — ODI will be the last match that will be covered.
22nd December 2023:
Striker will initiate a buyback of all cards from user accounts at the sale price. Buyback payout will be credited to your accounts. Only the wallet withdrawal option will remain enabled; all other features will be disabled on the app. Please note, that without KYC you will not be able to withdraw the money.
To understand the buyback methodology, please check this blog: https://strikerclub.medium.com/striker-buyback-methodology-closure-announcement-follow-up-16da9578b12c
23rd December 2023:
A detailed CSV file will be sent to all users, outlining the sale price of each card as part of your buyback payout. This will help you understand the value associated with your cards.
29th February 2024:
The app will cease all forms of support, including withdrawals. Please ensure any necessary actions are taken before this final deadline.
While we are sad to say goodbye, we also want to extend our heartfelt thanks for being a part of the Striker Club. Your support has meant the world to us, and we’re truly grateful for the memories we’ve created together.
With heartfelt thanks,
Frequently Asked Questions (FAQs):
Why is Striker Closing the operations?
- The decision to cease operations came as a result of unforeseen challenges and evolving market conditions. Despite our efforts to become profitable, the burden of GST proved to be too high, making it increasingly challenging to operate in a financially viable manner.
What will happen to my cards? I have many of them.
- Striker will buy back all of your cards by 22nd December and credit buyback payout in each user’s wallet. You will also receive a detailed payout file via email, outlining the payout on per card basis. The buyback payout for these cards will be determined based on what Striker earned while selling it and current price of the HP.
Will I get any buyback payout?
- You will get a buyback payout based on the buyback methodology mentioned in this blog: https://strikerclub.medium.com/striker-buyback-methodology-closure-announcement-follow-up-16da9578b12c
Will I get buyback payout on 0HP cards?
- No, you will not get any buyback payout on the 0HP cards. Having HPs is essential to determine the value of the card.
How will you send the buyback payout?
- Buyback payout will be sent out to all the eligible users via Striker Wallet. You will withdraw it from Striker until 29th February, 2024.
Will this buyback payout be in the form of Real Cash?
- Yes, all the eligible users will receive payout as a Real Cash which they can withdraw from their Striker Wallet.
Will I get buyback payout as per Portfolio Value (Net worth) or Buyback Value?
- You will get payout as per buyback value. Portfolio value is based on avg market prices of the cards, which also includes the 0HP cards. Buyback payout is calculated based on how many HPs are left in the card.
Will TDS get deducted while withdrawing the Buyback Payout?
- Yes, TDS will be deducted as it is a form of income. You will also be provided with TDS certificate.