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Why do we fall? So we can learn to pick ourselves up. (Batman fans might have noticed the reference). It was the sentiments behind this line that fueled the growth of Nazara, India’s top gaming company today.
Today we look at:
- How Nazara became a top dog in India’s gaming world
- A celebrity video platform’s fresh backing from IPG’s Octagon
- Other newsy highlights such as BigBasket’s data leak and a new fundraise for upGrad
PREMIUM SUMMARY
Game on!
Indian game publisher and distributor Nazara Technologies recently went public with an oversubscribed IPO that places its value just north of US$600 million. The firm’s success lies in its adaptability – today, its offerings span categories like edutainment, real-money games, and fantasy sports, among others.
- Early setbacks: After realizing he didn’t want to join his family’s textile business, avid gamer Nitish Mittersain founded Nazara in 1999. Unfortunately, his dream of raising a couple million bucks back then was upended when the dot-com bubble popped.
- Getting ahead: Nazara’s moves have drawn comparisons with Tencent Games’ playbook: both companies have used mergers and acquisitions (M&A) to get ahead, albeit on a different scale. (The Indian firm acquired just five companies in the last five years, whereas Tencent Games made 31 M&A deals last year alone.)
- Well-played moves: Having placed US$41.3 million into the Indian gaming ecosystem since 2016, Nazara is the most aggressive investor in the space. Its IPO has proved hefty returns for backers too: WestBridge Capital backed the company for US$3 million and pocketed some US$134 million following the Indian firm’s exit in January.
Read more: Near-deaths, pivots, and an IPO: the evolution of India’s top gaming company
STARTUP SPOTLIGHT
The stars have aligned
Singapore-based celebrity video platform Authentic Celebrity Experiences (ACE) has a new stakeholder: talent management agency Octagon, which is owned by global advertising firm Interpublic Group (IPG). However, no figures were disclosed surrounding the development.
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