Bengaluru-based game developing startup PlaySimple was acquired by Sweden-based Modern Times Group (MTG) for a whopping $360 million — one of the largest deals among gaming startups in India.
While PlaySimple has raised just $4 million in funding from Elevation Capital and Chiratae Ventures, the startup has grown its revenue by 144 percent in the 2020 calendar year to $83 million, with an adjusted EBITDA of $18 million.
Mirroring the strong sentiments in the Indian startup ecosystem, PlaySimple's estimated H1 revenues also shot up by approximately 82 percent, touching an estimated $60-64 million.
Incorporated in 2014 by brothers Siddharth Jain and Siddhanth Jain — with Preeti Reddy and Suraj Nalin as co-founders, PlaySimple is focused on mobile games across the categories of trivia, word, and puzzle.
"PlaySimple is a rapidly growing and highly profitable games studio that quickly has established itself as one of the leading global developers of free-to-play word games, an exciting new genre for MTG," says MTG’s Group President and CEO Maria Redin.
Read all about how the Indian startup ecosystem is battling the second wave of COVID-19 here.
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You can also share a tribute to COVID-19 warriors, saviours, and survivors here.
The Interview
Amid the lockdown, a lot of heavy-duty production with regards to TV and non-digital ads had taken a pause. This forced brands to establish their digital presence. Monk Entertainment, which provides social media consulting, social media branding services, and influencer marketing, also saw an uptick in digital adoption.
Viraj Sheth, Co-founder and CEO, Monk Entertainment, discusses the constant hustle and disruption culture of the startup ecosystem and its effect on founders’ and employees’ mental health and overall well-being, influencer marketing in the pandemic and much more.
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FamPay founders Kush and Sambhav
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Helping marketers build engaging emails
Entrepreneur Aquibur Rahman always wanted to do something of his own. So, he teamed up with Apurv Gupta and Devyesh Tandon to start Mailmodo in 2020.
The SaaS tech startup's no-code platform helps marketers build engaging emails. According to Aquibur, companies are using the platform for various activities such as lead generation, surveys, webinar registration, online shopping, job registration, etc. Read more.
News & Updates
- Esports and skill gaming startup Mobile Premier League (MPL) has forayed into the US market with the launch of its app, which will be available on the Apple and Google app stores.
- South Korea's Krafton announced the launch of Battlegrounds Mobile India, a successor to the popular mobile game PUBG that was blocked by the Indian government last year.
- In a major relief to the Indian retail and wholesale traders, Union Minister for MSMEs Nitin Gadkari announced their inclusion under the MSME sector. Indian retailers and wholesalers can now register on the Udyam Registration Portal, along with SMBs.
- RBI Governor Shaktikanta Das flagged rising data breaches and cyber attacks as among the risks for the recovering economy, along with others like firming global commodity prices. The governor also said the second wave had a "grievous toll" on the country.
Before you go, stay inspired with…
"An experienced management team and focused, the data-driven operating model has allowed PlaySimple to develop multiple game hits especially popular with the growing global audience of female gamers."
— Maria Redin, President and CEO, MTG Group
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Link : https://yourstory.com/2021/07/360m-exit-playsimple-mailmodo-monk-entertainment
Author :- Team YS ( )
July 03, 2021 at 06:00AM
YourStory