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Nazara acquires OpenPlay for entry into skill-based gaming

Nazara acquires OpenPlay for entry into skill-based gaming
Photo Credit: 123RF.com
30 Aug, 2021

Mumbai-headquartered gaming and esports media company Nazara Technologies has announced the acquisition of skill-based gaming company, OpenPlay for Rs 186.4 crore ($25.5 million according to current exchange rates). This marks the listed entity’s entry into the skill-based real-money gaming space.

OpenPlay is Nazara’s second acquisition since its public market debut in March. In June, Nazara had acquired a majority stake in the Turkish game publishing company, Publishme for Rs 20 crore. 

The acquisition will help Nazara add revenues from the real-money gaming sector. “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,” said Manish Agarwal, CEO of Nazara in a statement issued by the company. 

Founded in 2012 by Sreeram Reddy Vanga, OpenPlay operates a multi-game consumer gaming platform under the Classic Games brand. The company claims to have an annualised gross gaming revenue of Rs 80 crore and recently launched influencer hosted skill gaming tournaments, the statement said. 

“Our technology complemented by Nazara’s positioning in the gaming industry in India is the perfect combination for this endeavour,” said Sreeram Reddy Vanga in the statement. 

The company will join the ‘Friends of Nazara’ network which includes gaming companies in which Nazara holds majority stakes. The network includes Nodwin Gaming, Sportskeeda, Paper Boat Apps, among others. 

Nazara Technologies posted profits of Rs 13.4 crore for the April-June quarter, while its revenue jumped to Rs 131.2 crore for the quarter, as compared to Rs 90.5 crore in the year-ago period.