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Nazara Technologies invests Rs. 75 lakhs in social contests platform Bakbuck

Online games company Nazara Technologies Limited has announced that it has invested an undisclosed amount in Khichadi Technologies Private Limited, the company that runs social contest platform Bakbuck.

However, as per Registrar of Companies (ROC) records, Nazara has invested around Rs. 75 lakhs (Rs. 75,00,500/-) in the company for 2143 compulsorily convertible preference shares.

Some other founders, individuals and corporate investors have also invested around Rs. 24.99 lakhs in the company, thus taking the total investment in the company in the seed funding round to around Rs. 1 crore.

Founded by Abhinay Jain, Shashank Kakrecha and Rohit Naidu in 2018, Bakbuck offers  traditional Indian games like ‘Antakshari’, ‘Saanp Seedhi’ and ‘Tol mol ke Bol’ amongst others, in a contest format, that allows users to play anytime, with anyone. Currently available in Hindi, Bakbuck plans to expand to 10 more Indian languages soon.

The company has announced that it would be using the funds to enhance product development, acquire new users and build a community of women users.

Commenting on the investment, Manish Agarwal, CEO of Nazara Technologies noted, “Nazara has successfully built a very strong network of younger audience through its investments and offerings in sports-based mobile games. It is now looking at building the largest and most secure platform for virtual kitty parties where housewives can interact with each other freely and securely and enjoy a multitude of entertainment options.”

In March this year, Nazara had participated in a Rs. 40 crores Series A funding round in real money fantasy sports company Halaplay, along with listed casino and online gaming company Delta Corp.

The company has invested in several startups including game development, esports and real money quiz companies in the past.

Nazara has also reportedly announced that it is looking to acquire or invest in real money gaming companies in the online rummy and poker space.

Although the company received approval from SEBI for an Initial Public Offering (IPO) in April last year, Nazara has mysteriously not announced any date for going public or indicated any reason in the last one year as to why it did not adhere to the timelines of floating the IPO.

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Business

Nazara Technologies buys minority stake in real-money quiz app CrimzonCode

IPO-bound Nazara Technologies Limited has acquired a 27.42% stake in Jatia Education Private Limited, the company that operates real money skill-based quiz app CrimzonCode for an undisclosed sum.

CrimzonCode operates Top Quiz, a quizzing game that challenges players on various questions relating to history, sports, entertainment, current affairs etc.

The app allows players to stake real money for entering contests. The Top Quiz app has over 5 lakh users and more than 1 lakh active monthly users.

Apart from Top Quiz, Jatia Education also operates an educational app for CBSE, ICSE and IGCSE students called Brainnr.

As part of the investment, which is structured as a publishing deal, Nazara has inked a multi-year and multi-game partnership to develop unique mobile gaming experiences for users across the globe through Top Quiz.

Commenting on the acquisition, Nazara Technologies CEO Manish Agarwal said, “Quizzing has been very popular with Indians and is a source of clean fun and a booster for self- pride, cutting across age groups; gender and socio-economic class. We believe that the team at CrimzonCode has got an endorsement from their users in form of high level of engagement and that this opportunity to earn real money combined with the fun of quizzing, is expected to set the Indian market abuzz.”

Devavrat Jatia, founder of CrimzonCode noted, “Quizzing combined with real money has immense potential. We believe that having the backing of Nazara as an investor and publisher will provide us with a springboard to launch real money quiz in 61 countries across the emerging markets where Nazara had its presence, as on September 30, 2017.”

Nazara Technologies has been on an acquisition spree of late. Last month, the company acquired majority stake in Kenyan real-money betting company NZ World Kenya Ltd.

The company has made various investments in companies like NextWave Multimedia, MasterMind Sports, Truly Social, NODWIN Gaming, Moong Labs and HalaPlay.

Nazara has also indicated that it is interested in entering starting real-money poker, rummy and teenpatti games in India in the near future.