Mobile gaming publisher Nazara Technologies has picked up 27.42 per cent stake in real-money gaming platform CrimzonCode for an undisclosed amount.
With the minority stake, Nazara will develop unique mobile gaming experiences for its users across the globe through CrimzonCode flagship product Top Quiz.
Through the strategic deal, Nazara will also look to tap the tier II and tier III markets with a focus on providing multi-language experience to users. The gaming firm will also change the language content of Top Quiz to engage more users.
Besides, CrimzoneCode will give an access to Nazara to over 500,000 users in these markets with over 100,000 monthly active users engaging for over 15 minutes on the application per session, reports ET.
On the other side, CrimzoneCode will leverage Nazara’s footprint in over 74 countries including India, Dubai, Singapore, and Mauritius. The digital entertainment company will also launch its real money quiz across the emerging markets.
Founded in 2017 by Devavrat Jatia and based out of Mumbai and Bengaluru, CrimzoneCode runs two products Top Quiz and Brainnr which offer real money gaming including fantasy, betting and quizzing amongst others.
The IPO-bound Nazara is leaving no stone unturned to become the top online gaming firm of India. The company made several investments and strategic acquisitions in the gaming genre in the past one year.
As far as competition is concerned, there is no gaming startup that has scaled as Nazara. So far, it has raised over $80 million from various investors — Westbridge Capital Partners, Sequoia Capital, IIFL, and Jhunjhunwala.
It will also be the first gaming company to go public.
According to a joint report by App Annie and Ernst & Young, the market size of real money gaming industry in India is estimated to be worth $250 million and it is growing about 25 per cent a year.
Nazara aims to grab the largest pie of the industry which is expected to double to $500 million by 2020.