Global gaming giant Stillfront gets into Bangladesh
Stillfront Group, a Swedish publicly listed game company acquired 100% shares of Moonfrog Labs and its subsidiary Dhaka based - Ulka Games Limited. 91% shares had been transferred for USD 90 Million. Rest will be transferred over the next three years and payouts will be according to the performance of the studios.
Gaming on mobile has grown tremendously over the last few years. According to KMPG, mobile gaming is now considered to be the next frontier of the business sector. In 2020, the video game market was worth USD 180 billion where 51% of that coming from mobile games, more than the combined total of the box office (USD 42.2 billion) and music industry (USD 21.5 billion).
Acquisitions In Indian Startup Ecosystem
Sweden-based free-to-play gaming studios Stillfront Group will acquire Bengaluru-based Moonfrog Labs Private Limited, the company behind popular games like Teen Patti Gold, Ludo Club, Rummy Gold and others. The acquisition will be conducted in four tranches, leading to a 100% takeover.
Online travel and ticketing company Ixigo announced that it will acquire 100% stake in train discovery and booking startup Confirmtkt. The transaction would be a through mix of cash and Ixigo stock. Both companies would continue to operate independently after the transaction.
Other Developments Of The Week
Mumbai-based higher edtech platform upGrad is reportedly in advanced talks to raise $100 Mn from Temasek and World Bank’s International Finance Corporation (IFC) at a valuation of $450 Mn – $500 Mn.
India Inc and startups laud Budget but await details
Here are some key reactions from India Inc and the startup ecosystem.
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Finance Minister Nirmala Sitharaman’s Budget 2021 regarded as one of the most critical in modern Indian history was welcomed by India Inc and Indian startup ecosystem stakeholders, who hailed it as a growth-oriented Budget.
Experts lauded the Budget’s focus on rejuvenating capital spending in crucial sectors to fuel demand and accelerate India’s “economic reset,” in the wake of the devastating impact of the COVID-19 pandemic on consumer demand and growth.
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