Swedish gaming giant acquires India’s PlaySimple for $360 million – TechCrunch

Swedish game giant Modern Times Group (MTG) has acquired Indian startup PlaySimple for $ 360 million, the two companies said Friday.

MTG said it will pay 77% of the total acquisition in cash to Indian game developers and publishers, with the rest in company stock. According to the two companies, an additional $ 150 million in compensation will be secured if certain private performance indicators are achieved.

Friday trading The biggest exit in India’s startup ecosystem.. PlaySimple raised $ 4 million in Series A from Elevation Capital and Chiratae Ventures in 2016 with a valuation of about $ 16 million (startups that started their journey in Bangalore raised just $ 4.5 million from outside investors. did).

And the reason is clear. PlaySimple, which runs nine games including Daily Themed Crossword, Word Trip, Word Jam, and Word Wars, was expected to grow 144% last year to $ 83 million, exceeding $ 60. .. Revenue of 1 million in the first half of 2021.

“We are very proud of the games we have developed over the years and the infrastructure and scale we have achieved in our team. By joining the MTG family, we are leveraging our unique technology throughout MTG’s gaming portfolio and Europe. We look forward to expanding into the market, investing in cutting-edge technology and building exciting new games. ”PlaySimple co-founder and management members — Siddhanth Jain, Suraj Nalin and PreetiReddy — stated in a joint statement. I am.

This is a developing story. read more…