In maybe the greatest course of action in the Indian gaming startup climate, Sweden-settled e-sports and gaming group Modern Times Group (MTG) has acquired Bengaluru-based word games developer PlaySimple for $360 million.
MTG will pay 77 % in genuine cash for the acquisition and the rest through its class B shares. The game plan will allow the Swedish digital media group with a strong gaming portfolio to wander into additional forward-thinking markets, for instance, India where smartphone gathering has exploded lately. Through the acquisition, MTG is moreover taking a gander at the creating audience of female gamers, which right currently addresses around 80 % of PlaySimple’s finished player base and India’s talent pool in the e-gaming region. As a segment of the trade, PlaySimple’s underlying backers, Elevation Capital and Chiratae Ventures will make an exit. In 2016, the startup had raised $4 million from these two investors at a valuation of $16 million.
“PlaySimple is a rapidly creating and astoundingly profitable games studio that quickly has set up itself as one of the principle overall developers of free-to-play word games, an exciting new genre for MTG,” said Maria Redin president and CEO at MTG Group. While PlaySimple’s revenues rose 144 % in 2020 to $83 million, the versatile words game association passed on the strong energy into 2021 with surveyed revenues for the essential portion of the year getting 82% to $60-64 million, stood out from a comparative period last year.
Set up in 2014 by brothers Siddharth Jain and Siddhanth Jain ? with singular individual promoters Preeti Reddy, and Suraj Nalin, PlaySimple right presently has 215 full-time employees. The startup has gathered games like Daily Themed Crossword, Word Trip, Word Jam, Word Wars and Word Trek and has plans to dispatch four games during 2021, of which two are games, another genre for PlaySimple. MTG actually secured mobile games developers, Hutch and Ninja Kiwi.