Nazara Technologies Limited (BSE: 543280) (NSE: NAZARA), India’s only publicly listed diversified gaming and sports media company, has announced its acquisition of Fusebox Games Limited, a prominent IP-based gaming studio headquartered in the United Kingdom. The deal, valued at INR 228 crore (approximately US$27.2 million), is an all-cash transaction that significantly bolsters Nazara’s international portfolio.
Fusebox Games is best known for its interactive story game ‘Love Island’ and is actively developing new games based on globally recognized television IPs. The company reported robust financial performance in calendar year 2023, with revenues of INR 87.5 crore (US$10.4 million) and an EBITDA of INR 11.7 crore (US$1.4 million). In 2024, Fusebox has shown impressive growth, recording year-to-date revenues (January to July 2024) of INR 116.6 crore (US$13.9 million) with an EBITDA of approximately INR 33.3 crore (US$4.0 million).
Fusebox’s portfolio is driven by IP-based interactive story games, primarily monetized through in-app purchases, which accounted for around 92% of its total revenues in the first seven months of 2024. The company’s games target developed markets, including the US, UK, Australia, Canada, Switzerland, and other regions. Fusebox currently operates with a team of 30 employees based primarily in the UK.
Commenting on the acquisition, Nitish Mittersain, Founder & CEO of Nazara Technologies, said, “We see a significant opportunity in building an IP-based global gaming business that leverages our core strengths in India. Through enhanced user acquisition strategies, data analytics, live operations, and initiatives like our in-house AI playbook, we can support and scale global studios. Many of our existing IPs are examples of this approach, and we are excited to join forces with the talented team at Fusebox as we continue to grow Nazara into a global gaming company of meaningful scale.”
This acquisition marks a strategic move for Nazara as it continues to expand its presence in the global gaming market, reinforcing its commitment to developing and scaling IP-based gaming content on an international stage.
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