27th August 2021, India: Nazara Technologies Limited (BSE: 543280) (NSE: NAZARA) an India based, diversified gaming and sports media platform today announced that it has acquired a 100% stake in Hyderabad based skill gaming company OpenPlay for a total consideration of INR 186.4 crores.
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, advanced player protection, security, AML and advertising standards.
OpenPlay currently has an annualised gross gaming revenue run rate of INR 80 Cr 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 the coming quarters.
Says Nazara CEO Manish Agarwal, “The OpenPlay acquisition offers an opportunity for Nazara to build a network of skill gaming destinations operating on one common tech platform under the proven 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 the London Stock Exchange in 2005.
Sreeram Reddy Vanga says, “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.”
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 (WCC), the largest mobile-based cricket simulation game and Paper Boat Apps, developers of popular gamified early learning app Kiddopia.
