Nazara Technologies Acquires Skill-based Gaming Platform OpenPlay
Nazara Technologies, a gaming and sports media platform, has acquired Hyderabad-based skill-based gaming company OpenPlay for about Rs 186 crore.
As per the regulatory filing, Mumbai-based Nazara will acquire a 23.30% stake in OpenPlay for INR 43.43 Cr by the end of Q2 of FY 2021-22 and will complete the remaining amount in FY 2021-22.
Founded by Sreeram Reddy Vanga, OpenPlay is a Hyderabad-based skill-based gaming platform offering skills games such as fantasy sports, rummy, quiz, and more.
Speaking on the development, Manish Agarwal, Chief Executive of Nazara, 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 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.”
Manish added that the skill-based real-money gaming space is as big as $1 billion-$1.3 billion and expected to grow at 30-40% CAGR (Compounded Annual Growth Rate) over the next three to four years.
Nazara Technologies | Gaming And Sports Media Platform
With this acquisition, Nazara is expected to make further inroads into the real-money gaming sector. Nazara is also eyeing more acquisitions in the sector to fill gaps in its product and distribution lineup, a senior company executive said.
The acquisition of OpenPlay is not the first acquisition by Nazara. In June this year, the Mumbai-based gaming and sports media platform had acquired a majority stake (69.82%) in Publishme, a Turkey and West Asia based mobile gaming publishing agency.
Furthermore, Paper Boat Apps, SportsKeeda, NODWIN Gaming, Sports Unity and CrimzonCode are some platforms where Nazara Technologies has acquired a significant stake.
The Indian online gaming segment is expected to more than double at Rs 29,000 crore by FY25, according to a report by KPMG.
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