Nazara acquires UK based Fusebox Games for $27.2 Mn

Gaming and sports media company Nazara Technologies has acquired Fusebox Games Limited, a UK-based gaming studio for Rs 228 crore ($27.2 million) in an all-cash transaction.

Fusebox publishes an interactive story game ‘Love Island’ and is developing new games based on popular global TV IPs. In CY23, the company reported revenues of Rs 87.5 crore ($10.4 million) with an EBITDA of Rs 11.7 crore ($1.4 million). 

During CY24, Fusebox claims to have recorded a strong growth with year-to-date revenues (January- July 2024) at Rs 116.6 crore ($13.9 million) with an EBITDA of ~Rs 33.3 crore ($4 million).

Fusebox primarily targets developed markets including the US, the UK, Australia, Canada, Switzerland, Sweden, Denmark, Norway, and New Zealand among others. The company has 30 employees primarily based in the UK.

Meanwhile, Nazara also said that it received a letter of intent (LOI) for the acquisition of sports entertainment company Smaaash, which is undergoing an insolvency process.

In March, Nazara announced that it has plans to invest $100 million towards mergers and acquisitions within the next 24 months. Since then, it has invested in Circle of Games, and acquired Kiddopia developer Paper Boat Apps. Through its subsidiaries, Nazara also acquired IP rights of Ultimate Teen Patti from Games24x7, and took over assets of Deltias Gaming.

Nazara posted Rs 254.43 crore in total revenue with a profit of Rs 17.8 crore in Q1 FY25.

For the fiscal year ending March 2024 (FY24), Nazara’s revenue from operations increased 4.3% to Rs 1,138 crore in FY24 from Rs 1,091 crore in FY23. The firm’s controlled cost and spike in other income helped it post a 23% growth in its profit to Rs 75 crore in FY24 from Rs 61 crore in the previous fiscal year.

Earlier this year, the Nitish Mittersain-led firm raised Rs 250 crore ($30 million) from Zerodha’s co-founders-backed Kamath Associates & NKSquared, ICICI Securities, Plutus Wealth Management, and others.