Nazara Technologies Ltd has announced its acquisition of Fusebox Games Limited, a gaming studio holding office in the UK, for Rs 228 crore ($27.2 million). This deal will be an all-cash deal and further helps Nazara in building stronger footprints in the global gaming market.
PC: Pune.News
This festive-looking game company is best known for its interactive narrative-style game ‘Love Island’ and is currently developing several new games based on popular global television IP. In the calendar year 2023, revenues were robust at Rs 87.5 crore ($10.4 million), with an EBITDA of Rs 11.7 crore ($1.4 million). This has been quite apparent; the growth of Fusebox in 2024 is outstanding, with the year-to-date revenues from January to July 2024 coming to the extent of Rs 116.6 crore ($13.9 million) and an EBITDA contribution of about Rs 33.3 crore ($4 million).
Principal markets to which Fusebox operates are developed countries: the United States, the United Kingdom, Australia, Canada, Switzerland, Sweden, Denmark, Norway, and New Zealand. The start-up company engages a team of 30 professionals majorly based in the UK who help it taste success in these competitive markets.
This buy will also support the strategic vision of Nazara to grow its footprint in the global gaming industry. In March, Nazara said it would put in $100 million in mergers and acquisitions in the 24-month period. Now it has made strategic acquisitions such as its stake in Circle of Games and the developer of Kiddopia, Paper Boat Apps. Its subsidiaries have acquired the intellectual property rights of Ultimate Teen Patti from Games24x7 and taken over a set of assets of Deltias Gaming.
With its financials, Nazara has always stood strong and posted Rs 254.43 crore in total revenue with the company and a profitable Rs 17.8 crore for Q1 FY25. The company’s revenue from operations increased by 4.3% to Rs 1,138 crores in FY24 compared to FY23’s revenue of Rs 1,091 crores until completion on March 2024. Relentless cost discipline and sharp growth in other income yielded a 23% increase in profit in FY24 to Rs 75 crore against Rs 61 crore in the last fiscal.
Earlier this year, Nazara, Nitish Mittersain led firm, had raised Rs 250 crore ($30 million) from a group of investors including Zerodha’s co- founders backed Kamath Associates & NKSquared, ICICI Securities, Plutus Wealth Management, and others. This really positions Nazara very well in terms of finance while it continues the inorganic growth and the way it is expanding globally in the gaming and sports media business.
