For a total amount of INR 186.4 crores, Nazara Technologies Limited, diversified gaming and sports media platform declared that it has attained 100% ownership in Hyderabad-based skill gaming company OpenPlay earlier today.
OpenPlay’s robust gross gaming revenue run rate of 80 Cr and Ebitda positive margins are expected to continue to grow at a fast pace in coming quarters thanks to their recent launch of influencers hosted skill gaming tournaments.
OpenPlay is a multi-game user gaming platform that operates under the Classic Games brand. It features a variety of skill-based games and operates the strictest standards of security, game fairness, and advertising standards.
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.”
Sreeram Reddy Vanga is a serial entrepreneur who founded and led the successful operation of CozyGames, which was acquired by Gala Networks in 2008. He is also a part of the team that brought PartyGaming to the London Stock Exchange.
While talking about the deal, 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.”
The “Friends of Nazara” network is a group of established gaming companies that are actively working to achieve scale. Some of these include Nodwin Gaming, Sportskeeda, and Paper Boat Apps.