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Nazara Technologies Files for IPO

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Nazara Technologies Files for IPO
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Nazara Technologies Ltd, the Indian gaming company backed by billionaire Rakesh Jhunjhunwala, has filed for an IPO.

The company filed IPO documents with India’s market regulator on Friday. Its impending debut on the local exchanges could encourage other Indian startups to tap public markets, after years of explosive growth in mobile and internet usage created giant private firms from Paytm to Walmart Inc.’s Flipkart.

Founded by gamer Nitish Mittersain in 2000, when he was a college undergrad, Nazara is among the firms that have benefited from a global boom in smartphone gaming that began even before the pandemic drove millions online. Mittersain started the company with 30 million rupees borrowed from friends and family, only to get derailed during the dotcom bust. The firm spent its first decade clearing debt, but steadily built market share by acquiring fellow gaming startups.

It is now seeking to be among the first major Indian startups to go public at a time of burgeoning investor interest in the country’s technology sphere. Facebook Inc. and Alphabet Inc.’s Google are pouring billions into partnerships with local operator Jio Platforms Inc., while Amazon.com Inc. founder Jeff Bezos has said that “the 21st century is going to be the Indian century.”


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Nazara Technologies Files for IPO

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Entain Increases its Offer to Acquire Enlabs by 32.5%

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Entain Increases its Offer to Acquire Enlabs by 32.5%
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Entain has increased its offer to acquire Enlabs by 32.5%, from SEK 40 per share to SEK 53 per share. The increased offer price is final and will not be increased by Entain.

Rob Wood, CFO and deputy CEO of Entain, said: “As a world leader in sports betting and gaming entertainment, Entain’s ambition is to revolutionise betting and gaming to create the most exciting and trusted entertainment for every customer.

In a highly competitive and regulated industry, where consolidation is a key theme, Entain is able to provide the scale and platform needed to further support Enlabs’ long-term growth, and we firmly believe that Entain will be the best home for Enlabs, its employees and customers. Against this background, we have decided to make a final offer of SEK 53 to all shareholders, providing an opportunity to exit their investment at a very attractive valuation.

We are pleased that shareholders with around 51 per cent have now irrevocably agreed to accept the offer and would urge other shareholders to do the same by 18 March.”

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2 by 2 Gaming signs up Leander for further games

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2 by 2 Gaming signs up Leander for further games
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Existing relationship extended with additional games deal

Leander Games is delighted to announce that longstanding partner 2 By 2 Gaming has signed up to develop a further 7 games on the LeGa platform.

2 by 2 Gaming will build the games for distribution via Leander’s LeGa aggregation platform.

The new games will extend the development relationship between the two which already sees 2 by 2 Gaming providing 19 games to the Leander platform including Giant Riches, Wolfheart, Pinocchio’s Fortune, Spell of Odin to name a few.

“We’re really pleased that the Leander aggregation platform will be enhanced by the new games from 2 by 2,” said Steven Matsell, CEO at Leander Games.

“The faith 2 by 2 Gaming has shown in our platform is much appreciated and we look forward to continuing our close relationship in the future.”

New roster
“We have enjoyed a fruitful relationship with Leander for a while now and we know that the games we produce have proved popular with their clients,” said Shridhar Joshi, CEO at 2 by 2 Gaming.

“We are excited to be able to given the opportunity to supply an even broader selection of top-quality games under this extended relationship.”

The new set of games will start to become available to Leander’s customers in April.

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Kerala Government Bans Online Rummy

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Kerala Government Bans Online Rummy
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The Government of Kerala has amended the Kerala Gaming Act 1960 and declared online rummy as illegal. The ban will come into force with immediate effect.

The decision comes after the Kerala High Court directive that had urged the state government to take measures against the online rummy business. During the February 15 hearing, the Kerala High Court was told about the online rummy menace. A Public Interest Litigation filed by movie director Pauly Vadakkan had sought action against such sites that hosted the online rummy games. The director in his plea had said that the online rummy gaming business was ruining the youth of the state. The plea had also mentioned a suicide by a young man after he lost a considerable amount due to his habit of playing online rummy.

Kerala is not the first state in India that has banned online rummy. Earlier, Andhra Pradesh and Tamil Nadu have also amended existing laws or brought rules to declare online rummy gaming as illegal.

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