MUMBAI: Gaming and sports media platform Nazara Technologies has acquired Hyderabad-based skill-based gaming company OpenPlay Technologies for Rs 1.8641 billion (Rs 186.41 crore).
The the Rakesh Jhunjhunwala-backed company’s board has approved the acquisition of OpenPlay from its existing shareholders – Sreeram Reddy Vanga and Unnati Management Consultants LLP in one or more tranches, as per a regulatory filing issued Monday.
“In the first tranche of the strategic investment, the company shall acquire 23.30 per cent of the issued and paid-up share capital of OpenPlay for a consideration of Rs 43.43 crores, by end of Q2 of FY 2021-22,” it added.
OpenPlay operates a multi-game consumer gaming platform under the “Classic Games” brand which hosts popular skill based games and operates highest standards of technology, game fairness, advance player protection, security, AML and advertising standards.
OpenPlay currently has an annualised gross gaming revenue runrate of Rs 800 million and is operating on EBITDA positive margins, Nazara Technologies said.
“I’m excited to join the ‘Friends of Nazara Network’ and 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,” said Sreeram Reddy Vanga founder of OpenPlay.
Nazara is known for games such as World Cricket Championship, Chhota Bheem and the Motu Patlu series.
At the end of June quarter, Jhunjhunwala held 10.82% stake or 3.294 million shares in the gaming platform.
