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Gaming and sports media platform Nazara Technologies said on Friday that it has acquired 100% stake in the Hyderabad based skill gaming platform OpenPlay. This is Nazara’s second acquisition post its successful IPO listing earlier this year. The Rakesh Junjhunwala backed company had acquired Turkish gaming company PublishMe in June this year.
Nazara’s board has approved the plan to buy 100% equity shares of OpenPlay from its existing investors for consideration of INR 186.41 Cr, the company said in its regulatory filings. OpenPlay’s investors primarily constitutes of its promotor Sreeram Reddy Vanga and Unnati Management Consultants LLP.
The company will be paying INR 186.41 Cr in two tranches, the BSE filings stated. In the first tranche, the company will be acquiring 23.30 percent stake in OpenPlay for Rs 43.40 Cr by end of the second quarter in FY22. The reaming tranche will be paid by the end of FY22.
OpenPlay, as of today, boosts annual GMV run rate of 80 Cr and is operating on positive EBIDTA margin. The company essentially operates skill based multi gaming consumer platform under the ‘Classic Games’ brand. At the helm of this successful company has been Sreeram Reddy Vanga, who is a successful serial entrepreneur in the online gaming industry. His previous gaming venture, Cozy Games become second largest bingo network before it was acquired.
Commenting about the acquisition, 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.”
Nazara has always aggressively pursued inorganic growth strategy and is apparently continuing with this strategy post its IPO listing. Nazara’s stock ended at INR 1715 on Friday, up 1.61%.
