Swedish gaming big Fashionable Instances Group (MTG) has acquired Indian startup PlaySimple for $360 million, the 2 corporations mentioned Friday.
MTG mentioned it would pay 77% of the acquisition sum to Indian recreation developer and writer in money and the remaining in firm shares. There’s additionally one other $150 million reward put apart if sure undisclosed efficiency metrics are hit, the 2 corporations mentioned.
Friday’s deal marks one of many largest exits within the Indian startup ecosystem. PlaySimple had raised $Four million Sequence A at a valuation of about $16 million from Elevation Capital and Chiratae Ventures in 2016. (The startup, which started its journey in Bangalore, raised simply $4.5 million from exterior traders.)
And it’s clear why. The revenues of PlaySimple — which operates 9 phrase video games together with “Each day Themed Crossword,” “Phrase Journey,” “Phrase Jam,” and “Phrase Wars” — grew by 144% to $83 million final yr and it was on monitor to hit over $60 million income within the first half of 2021.
“We’re very happy with the video games we’ve developed over time, and of the infrastructure and scale that we’ve achieved with our group. As we be part of the MTG household, we stay up for leveraging our proprietary know-how throughout MTG’s gaming portfolio, increasing into the European market, investing in cutting-edge know-how and constructing thrilling new video games,” PlaySimple co-founders and administration group members — Siddhanth Jain, Suraj Nalin and Preeti Reddy — mentioned in a joint assertion.
PlaySimple, which says its free-to-play gams have amassed over 75 million installs and keep practically 2 million each day energetic customers, plans to launch quite a few video games later this yr and likewise broaden into the cardboard video games style.
“PlaySimple is a quickly rising and extremely worthwhile video games studio that shortly has established itself as one of many main international builders of free-to-play phrase video games, an thrilling new style for MTG,” mentioned Maria Redin, MTG Group President and CEO, mentioned in a press release.
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