Nazara Technologies Limited (BSE: 543280) (NSE: NAZARA), an India-based diversified gaming and sports media platform, announced today that it has purchased a 100% share in Hyderabad-based skill gaming business OpenPlay for INR 186.4 crores.
Under the “Classic Games” brand, OpenPlay provides a multi-game consumer gaming platform that hosts popular skill-based games and adheres to the highest technological, game fairness, advanced player protection, security, anti-money laundering, and advertising requirements.
OpenPlay presently generates INR 80 crore in annualised gross gaming revenue and has ebidta positive margins.The company is positioned to grow its user base at a rapid rate in the next quarters, thanks to its recent introduction of influencer-hosted skill gaming tournaments.
Nazara CEO Manish Agarwal 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.”
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 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.”