Comments
Nazara Technologies Ltd, a diversified gaming and sports media platform, on Friday said it has acquired 100 per cent stake in skill gaming company OpenPlay for a total consideration of ₹186.4 crore.
A press statement said OpenPlay operates a multi-game consumer gaming platform under the ‘Classic Games’ brand which hosts popular skill-based games and operates the highest standards of technology, game fairness, advance player protection, security, AML and advertising standards.
Also read: Online gaming — making a play at skilling
OpenPlay currently has an annualised gross gaming revenue run rate of ₹80 crore and is operating on EBITDA positive margins. With its recent launch of influencers hosted skill gaming tournaments, the company is poised to grow its user base at a rapid pace in coming quarters.
Skill gaming
Nazara CEO Manish Agarwal, said: “The OpenPlay acquisition offers an opportunity for Nazara to build a network of skill gaming destinations operating on one common tech platform under the leadership of Sreeram and his team at OpenPlay. Sreeram is a successful entrepreneur globally in online real money gaming and we are excited that he will be leading Nazara’s growth in this sector."
OpenPlay is led by Sreeram Reddy Vanga who is a serial entrepreneur in the global online gaming industry. In his previous avatar, he founded and led CozyGames to become the second largest Bingo network in the UK before being acquired. Sreeram was also part of the early team at PartyGaming which went IPO on London Stock Exchange in 2005.
“I look forward to working closely with Nazara leadership and the Network to build India’s largest vernacular social gaming and entertainment platform. Our technology complemented by Nazara’s positioning in the gaming industry in India is the perfect combination for this endeavour,” Sreeram Reddy Vanga said.
The “Friends of Nazara” network comprises established gaming companies in which Nazara holds majority stakes and works actively with existing founders and management teams to rapidly achieve scale. These companies include Nodwin Gaming and Sportskeeda in Esports Next Wave Multimedia, developer of World Cricket Championship, the largest mobile-based cricket simulation game and Paper Boat Apps, developers of popular gamified early learning app Kiddopia.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.