Nazara acquires 100% stake in Hyderabad-based OpenPlay
Deal size is Rs 186.4 crores
Aug 30, 2021 04:20:00 AM | Article | Campaign India Team
Gaming and sports media platform, Nazara Technologies, has acquired a 100% stake in Hyderabad-based skill gaming company OpenPlay for a total consideration of Rs 186.4 crores.
OpenPlay operates a multi-game consumer gaming platform under the ‘Classic Games’ brand which hosts skill-based games. The platform is led by founder Sreeram Reddy Vanga.
Manish Agarwal, CEO, 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.”
Vanga said, “I’m excited to join the ‘Friends of Nazara Network’ and look forward to working closely with the 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 gaming companies in which the company holds majority stakes. These companies include Nodwin Gaming and Sportskeeda in Esports Next Wave Multimedia, the developers of World Cricket Championship (WCC), and Paper Boat Apps, developers of gamified early learning app Kiddopia.