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Nazara acquires 47.7% stake in PokerBaazi’s parent for $100 Mn

EntrackrEntrackr · 10m ago
Nazara acquires 47.7% stake in PokerBaazi’s parent for $100 Mn
Medial

Gaming firm Nazara has announced an investment of Rs 982 crore in PokerBaazi’s parent company, Moonshine Technology, to acquire a majority stake through a mix of secondary and primary share purchases. Nazara’s board has approved the acquisition of 18,96,674 equity shares of Moonshine from existing shareholders, including PSM Group, Bellerive Capital, and other individuals, via a secondary purchase, according to a disclosure sourced from the National Stock Exchange. The Mumbai-based company will acquire a 47.7% stake for a total consideration of Rs 832 crore ($100 million), which includes a secondary purchase of Rs 592 crore and a share swap valued at Rs 239 crore. As part of the deal, Nazara will also invest Rs 150 crore to purchase primary shares of Moonshine. This additional investment will make Nazara as the majority stakeholder in PokerBaazi. This deal represents one of the largest consolidations in the poker space, which is considered a skill-based gaming segment. PokerBaazi accounts for over 85% of Moonshine’s net revenue, while its fantasy sports platform, SportsBaazi, contributes 12%. As of May 2024, PokerBaazi reported approximately 340,000 monthly active users. Entrackr reached out to PokerBaazi and Nazara Games last month with a detailed questionnaire regarding the deal. At that time, PokerBaazi’s spokesperson dismissed the news as fake, while Nazara’s spokesperson referred to it as mere speculation. Nazara has been on an acquisition and investment spree since FY25, having acquired or invested in six startups over the past few months. Earlier this week, it acquired a 15.86% stake in e-sports startup Stan. Last month, it acquired UK-based Fusebox Games for $27.2 million in an all-cash transaction. Additionally, Nazara acquired Kiddopia’s developer Paper Boat Apps, secured IP rights for Ultimate Teen Patti, and took over assets of DeltiasGaming.

Indian startups raise $972 Mn in November, powered by Zepto and Healthkart

EntrackrEntrackr · 7m ago
Indian startups raise $972 Mn in November, powered by Zepto and Healthkart
Medial

Indian startups nearly reached $1 billion in funding in November, boosted by major deals in e-commerce, healthtech, and fintech. While funding was slightly lower than in October, big investments in companies like Zepto and HealthKart showed strong investor interest. According to data compiled by TheKredible, Indian startups raised $972 million across 90 deals, with growth and late-stage funding dominating at $708.12 million from 14 deals. Early-stage funding contributed $263.5 million through 67 deals, while 9 deals remained undisclosed. On a monthly basis, November saw a 19% decline in funding from $1.2 billion in October to $971.61 million. However, total funding during the first 11 months of 2024 reached approximately $13.2 billion and surpassed 2023’s total of $11 billion. The November funding trend shows sharp fluctuations over four years. Startups raised $4.33 billion across 153 deals in 2021, dropping to $1.3 billion (130 deals) in 2022 and $437.5 million (89 deals) in 2023. In 2024, funding rebounded to $971.61 million across 90 deals. Growth-stage startups dominated the funding landscape in November. With $350 million funding, Zepto led the list followed by HealthKart with $153 million in Series I funding. Sarvagram also made a notable impact with $67 million in a Series D round, while Easy Home Finance and Zopper raised $35 million and $25 million, respectively. Other significant deals included Bhanzu's $16.5 million Series B round and MODIFI's $15 million for its B2B BNPL solutions. The ePlane Co., Locad, and ShopDeck rounded out the list with funding rounds that showcased innovation across diverse sectors like aerospace, logistics, and e-commerce. UnifyApps, a SaaS enterprise integration platform, led the chart of early-stage startups with $20 million in a Series A round, followed by OneCell Diagnostics, a cancer diagnostics startup, with $16 million. RetailTech platform Wheelocity raised $15 million, while SM Toys secured $13.22 million for its global manufacturing operations. BoldFit, a D2C fitness startup, and Guardians, a proptech company, raised $13 million and $12 million, respectively. November saw 13 merger and acquisition deals across diverse sectors. Nykaa acquired a 100% stake in Earth Rhythm in the e-commerce space, while Nodwin Gaming secured Trinity Gaming for $2.84 million. Moglix expanded into manufacturing by acquiring Khatema Fibres for $9.4 million, and The Good Glamm Group also acquired a 100% stake in The Moms Co. MakeMyTrip announced plans to acquire fintech platform Happay, and Unicommerce strengthened its SaaS offerings by acquiring Shipway. Check TheKredible for more information. In terms of city-wise funding, Mumbai-based startups led with $420.63 million raised across 14 deals, contributing 43.29% of the total funding. Delhi-NCR followed with $260.8 million from 26 deals, accounting for 26.84% of the funding. Bengaluru came next with $119.088 million raised through 28 deals, capturing 12.26%. Segment-wise, e-commerce startups dominated in terms of the amount raised, with 11 deals securing $535.79 million. This contributed 55.14% to the total funding. Fintech was on the second spot with 9 deals worth $155.7 million, accounting for 16.02% of the funding. SaaS startups completed 12 deals worth $53.13 million followed by EV startups which raised $26.47 million from 4 deals. Check TheKredible for more details. Regarding funding stages, 28 startups raised capital in the seed round, 26 in Series A, and 6 in Series B. Series F dominated with $350 million (36.02%), followed by Series I with $153 million (15.75%). Pre-Seed and debt funding contributed less than 1% each. For more details, refer to TheKredible’s report. Layoff activity continued to decline in November, with only two startups laying off 100 employees during the month. This is a drop from October, where layoffs by two startups affected over 110 employees. Throughout the first 11 months of 2024, approximately 4,700 employees were let go, a significant decrease compared to the 24,000 layoffs in 2023 and 20,000 in 2022. In November, the startup ecosystem witnessed notable leadership changes, with 9 senior executives, including CEOs, MD, CPO, and co-founders, stepping down. Simultaneously, 35 key executive roles were filled, marking a period of significant transitions. A detailed list of these changes can be accessed here. The funding landscape for Indian startups in November highlights a mixed bag of signals: a strong recovery from 2023 lows but still far from the peaks of 2021. The surge also reflects investor confidence in scaling businesses and continued interest in nurturing innovation. The notable dip in layoffs and leadership transitions signals a stabilizing ecosystem. With funding surpassing 2023 totals and a few more new-age IPOs on the horizon, the Indian startup ecosystem appears poised for a promising end to 2024, setting the stage for accelerated momentum in 2025.

Turbostart leads $2.5 Mn round in Lighthouse PropTech

EntrackrEntrackr · 4m ago
Turbostart leads $2.5 Mn round in Lighthouse PropTech
Medial

Snippets Turbostart leads $2.5 Mn round in Lighthouse PropTech Proptech startup Lighthouse PropTech has raised $2.5 million in a new funding round. Turbostart led the round with $1 million, along with participation from the Dabur Family Office and several other HNI family offices, valuing the company at $13.5 million. The fresh funds will be utilized for expansion as it builds a technology-driven platform for luxury real estate transactions in India, Lighthouse stated in a press release. Launched by Sumesh Mishra, Lighthouse PropTech aims to empower its clients with innovative solutions to efficiently manage their luxury real estate portfolios. The company’s offerings include Luxury Listings—an exclusive platform showcasing premier, handpicked properties—and Luxury Exclusives, which provides tailored experiences and bespoke property opportunities. According to Lighthouse PropTech, it is developing a next-generation digital platform to transform luxury real estate transactions for HNIs and UHNIs, offering a seamless, AI-powered investment experience. Market research indicates that India's luxury real estate market is experiencing unprecedented growth, with the segment expected to surpass $100 billion by 2030, growing at a CAGR of 21.81%. Founded in 2019, Turbostart is a global early-stage venture capital firm and accelerator. With a global presence spanning India, the Middle East, the US, and Singapore, Turbostart has launched five funds over five years, supporting over 50 diverse startups across various sectors and stages.

Nazara acquires 15.86% stake in e-sports startup Stan for $2.2 Mn

EntrackrEntrackr · 10m ago
Nazara acquires 15.86% stake in e-sports startup Stan for $2.2 Mn
Medial

Gaming and sports media company Nazara has acquired a 15.86% stake in Stan, a blockchain-based e-sports fan engagement startup, for an aggregate cash consideration of up to $2.2 million. Last month, Nazara Technologies acquired Fusebox Games Limited, a UK-based gaming studio for Rs 228 crore ($27.2 million) in an all-cash transaction. The current acquisition strengthens Nazara’s position in the gaming and e-sports landscape, the company said in a stock exchange filing. Founded by Chadha, Rahul Singh, Nauman Mulla, and Shubham Gupta in 2022, Stan provides a web3-based platform for creators to build, monеtisе communitiеs and allow usеrs to engage with their favourite gaming creators or celebrities through digital collectibles, chat or audio rooms, and еxclusivе cеlеbrity communities. In January this year, Stan raised $2.7 million from Aptos Labs, Maelstrom Fund and others. In May 2022, the Bengaluru-based startup raised $2.5 million in its seed round led by General Catalyst and others. With a userbase of over 12 million, the startup claims to have a turnover of $1.8 million as of March 31, 2024. Nazara’s operating revenue fell 6.06% to Rs 250 crore in Q1 FY25 from Rs 266.2 crore in Q4 FY24. E-sports formed 52.73% of the company’s total operating revenue whereas the gaming segment had a share of 37.11% followed by ad tech which accounted for 10.26% of the topline. In the past few months, Nazara has done a bunch of deals including the acquisition of Kiddopia’s developer Paper Boat Apps, buying IP rights of Ultimate Teen Patti and taking over assets of DeltiasGaming.

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