Diversified gaming and sports media platform Nazara Technologies Limited has acquired a 100% stake in Hyderabad based skill gaming company OpenPlay for a total consideration of Rs 186.4 crores. The OpenPlay acquisition offers an opportunity for Nazara to build a network of skill gaming destinations operating on one common tech platform, Manish Agarwal, CEO, Nazara, said. “Sreeram Reddy Vanga is a successful entrepreneur globally in online real money gaming and we are looking forward to seeing him lead Nazara’s growth in this sector,” he added.
OpenPlay operates a multi-game consumer gaming platform under the “Classic Games” brand which hosts skill-based games and aims to operate with the highest standards of technology, game fairness, advance player protection, security, AML and advertising standards. As per the company, OpenPlay currently has an annualised gross gaming revenue runrate of Rs 80 crores and is operating on EBIDTA positive margins. With its recent launch of influencers hosted skill gaming tournaments, the company is poised to grow its user base at rapid pace in coming quarters.
OpenPlay is led by Sreeram Reddy Vanga who is a serial entrepreneur in the global online gaming industry. Prior to this, Vanga founded and led CozyGames to become the second largest Bingo network in the UK before being acquired. He was also part of the early team at PartyGaming which went IPO on the London Stock Exchange in 2005. “Our technology complemented by Nazara’s positioning in the gaming industry in India is the perfect combination for this endeavour,” Sreeram Reddy Vanga, stated.
The “Friends of Nazara” network comprises established gaming companies in which Nazara holds majority stakes and works actively with existing founders and management teams to rapidly achieve scale. These companies include Nodwin Gaming and Sportskeeda in Esports NextWave Multimedia, developer of World Cricket Championship (WCC), and Paper Boat Apps, developers of popular gamified early learning app Kiddopia.