Private Equity

Private Equity Fund Investments

Nazara to acquire "real money" gaming firm OpenPlay for Rs.186-Cr

BSE Announcement  

Publicly listed, Mumbai-based Nazara Technologies Ltd is to acquire 100% stake in Hyderabad-based skill gaming company OpenPlay Technologies for INR 186.41 crore in a cash-and-stock deal. In the first tranche, Nazara will acquire 23.3% of OpenPlay for INR 43.43 crores (in cash), by end of Q2 of FY22. Founded by serial entrepreneur Sreeram Reddy Vanga in 2016, OpenPlay operates a multi-game consumer gaming platform under the “Classic Games” brand which hosts skill-based games. OpenPlay had reported an revenue of INR 53.48 Cr for FY21 compared to INR 39.26 Cr and INR 20.88 Cr in the previous two fiscals. It currently has an annualised gross gaming revenue run rate of INR 80 crore with positive EBITDA margins. Sreeram Reddy previously founded and led CozyGames to become the second largest Bingo network in the UK before being acquired. He was also part of the early team at PartyGaming which went IPO on London Stock Exchange in 2005.