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A23-parent Head Digital Works acquires Adda52 for Rs 491 Cr
Entrackr
·
4m ago
Medial
A23-parent Head Digital Works acquires Adda52 for Rs 491 Cr Online gaming company Head Digital Works (HDW), the parent company of gaming firm A23, has acquired Deltatech Gaming, the operator of online poker platform Adda52. HDW announced in a press release that the acquisition aims to strengthen its online poker portfolio. The transaction will take place in two phases for a total consideration of Rs 491 crore ($57.5 million). Initially, Head Digital Works will acquire a 51% stake in Deltatech Gaming following the merger. Post-merger, DeltaCorp Limited will retain a 5.7% stake in Head Digital Works. Through this acquisition, HDW aims to leverage Adda52’s expertise and technological capabilities to accelerate its growth in the online gaming market. Launched in 2011, Adda52 offers a poker experience with various game formats, tournaments, and cash games, attracting both casual and professional poker players across India. According to HDW, the acquisition will enhance the gaming experience, drive technological advancements, and cater to evolving user preferences. The company plans to expand its poker business, explore new growth avenues, and build a comprehensive and diversified skill-gaming platform for its customers. A23 claims to have over 75 million registered users across India and operates five games - rummy, fantasy, poker, carrom, and pool. A23’s net revenue stood at Rs 841 crore in FY24, compared to Rs 839 crore in FY23. Despite the flat revenue, controlled expenditures and increased other income helped A23 achieve a 24% rise in net profits to Rs 72 crore in FY24. In November last year, A23 also completed its first-ever employee stock options (ESOP) buyback program worth $3 million.
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Canadian PE firm Clairvest-controlled A23 to buy Delta’s online poker arm Adda52
VCCircle
·
4m ago
Medial
Head Digital Works Pvt Ltd, owned by Canadian private equity firm Clairvest Group, is acquiring Delta Corp's online poker platform Adda52 in a deal valued at approximately Rs 491 crore. The transaction involves Head Digital first acquiring a 51% stake in Deltatech Gaming, which operates Adda52, followed by a merger. Delta Corp will receive a stake in Head Digital, which aims to enhance Adda52’s leading position in India's online poker market.
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A23-parent Head Digital Works rolls out ESOP buyback worth $3 Mn
Entrackr
·
8m ago
Medial
Head Digital Works, the parent company of skill gaming platform A23, has completed its first-ever employee stock options (ESOP) buyback program, totaling $3 million. Approximately 97% of eligible ESOP holders participated in the program, with nearly half of the company's 500+ employees benefiting from the buyback. Head Digital Works, founded in 2006, offers online gambling and fantasy gaming platforms such as A23, Fanfight, and Cricket.com, with over 70 million registered users. The company aims to promote Rummy as a professional game and has raised $91 million in funding. Several other startups have also implemented ESOP buybacks in 2024, amounting to over $190 million.
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A23 reports Rs 841 Cr revenue and Rs 72 Cr profit in FY24
Entrackr
·
5m ago
Medial
Online rummy platform A23 reported flat revenue growth for the fiscal year ending March 2024. However, the company achieved a 24% increase in profits, driven by controlled expenses and an increase in non-operating income during the same period. A23’s net revenue was recorded at Rs 841 crore in FY24 from Rs 839 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies (RoC) show. Notably, the firm's gross revenue grew by 31% to Rs 1,378 crore in FY24, up from Rs 1,051 crore in FY23. Of this, Rs 537 crore was paid out to players, resulting in a net revenue of Rs 841 crore for FY24. The platform fee, or commission, charged as a percentage of the buy-in fees from users, remained the sole revenue source for A23 during FY24. Additionally, the platform earned Rs 37 crore, primarily from interest on deposits and current investments, bringing its total revenue to Rs 878 crore in FY24. The company claims to have over 5 crore players on its platform and operates five games - rummy, fantasy, poker, carrom, and pool. A23 has not disclosed its overheads much and booked Rs 515 crore, which is 68% of the overall cost under the miscellaneous head. This might include all the major costs including advertising, servers, and hosting. A23’s employee benefits grew 41% to Rs 138 crore in FY24 from Rs 98 crore in FY23. Its legal, safety and security, printing, traveling, and other overheads pushed the total expenditure to Rs 761 crore in FY24. Despite the flat scale, the controlled expenditure and increase in other income helped A23 to post a 24% increase in its net profits to Rs 72 crore in FY24, compared to Rs 58 crore in FY23. Its ROCE and EBITDA margin improved to 11.5% and 15.26%, respectively while the expense-per-revenue ratio stood at Rs 0.90. At the end of FY24, A23’s total current assets were recorded at Rs 613 crore with cash and bank balances of Rs 534 crore.
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Startup news and updates: Daily roundup (February 21, 2025)
YourStory
·
4m ago
Medial
YourStory's update covers the Indian startup ecosystem with highlights including BluSmart launching an EV fleet for pets, and Shraddha Kapoor’s jewelry brand securing funding on Shark Tank India. Edtech unicorn LEAD's CEO Sumeet Mehta emphasizes public-private partnerships. Walmart's sales grew globally without Flipkart's boost. Head Digital Works acquired Adda52 to expand its poker portfolio. Insurtech startup Plum plans a $6M investment in personal insurance, and FirstCry's company secretary resigned.
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A23 touches Rs 1,050 Cr revenue in FY23, profits surge 2.8X
Entrackr
·
1y ago
Medial
Online rummy platform A23 has witnessed a rebound in its revenue, crossing Rs 1,000 crore in FY23, according to its consolidated financial statement. The revenue from operations increased by 45.4% to Rs 1,050 crore, and the company's profits grew 2.8 times to Rs 58 crore. With over 5 crore players, A23 offers five games and earned Rs 21.4 crore from non-operating income. The company's expenses increased by 39.2% to Rs 976 crore, while cash inflows from operations rose by 287% to Rs 130 crore.
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Nazara acquires UK-based game publisher Curve Games for Rs 247 Cr
Entrackr
·
1m ago
Medial
Nazara Technologies has announced the acquisition of 100% ownership in Curve Digital Entertainment Limited, a UK-based publisher of PC and console games, for Rs 247 crore ($29 million). The deal is being executed through its wholly owned subsidiary, Nazara Technologies UK Ltd, the company informed in a stock exchange filing on Tuesday. CDEL, a leading video game publisher for console and PC platforms, will become a step-down subsidiary of Nazara following the transaction. The deal also includes Curve’s six subsidiaries, such as Kuju Ltd, Runner Duck Games, and IronOak Games, which will be integrated into Nazara’s portfolio upon completion. CDEL is being acquired from Catalis Group, a UK-based media and entertainment company that owns a portfolio of interactive entertainment and QA/testing firms. The acquisition aligns with Nazara’s strategy to expand its footprint in premium game publishing globally. With a strong lineup of original IPs and a proven track record, Curve reported revenues of Rs 263.5 crore and EBITDA of GBP 10.6 million (approximately Rs 120 crore) in CY24. The acquisition is expected to strengthen Nazara’s presence in key gaming markets, including the US, UK, Japan, and South Korea. According to Nazara, the transaction will be funded through intra-group debt and is expected to close within 45 days, subject to regulatory clearances and other customary conditions. Recently, Absolute Sports, a subsidiary of Nazara Technologies and the parent company of Sportskeeda.com, signed definitive agreements to acquire TJRWrestling.net and ITRWrestling.com from Titan Insider Digital. In January 2025, it purchased two mobile games, King of Thieves and CATS: Crash Arena Turbo Stars, from Zeptolab for USD 7.7 million. Nazara has also set aside $100 million for future mergers and acquisitions to further its global expansion strategy. While Nazara has yet to file its Q4 FY25 results, its operating revenue rose by 67% to Rs 535 crore in Q3 FY25 from Rs 320 crore in Q3 FY24. During the period, the company’s profit fell by 53.6% year-on-year to Rs 13.7 crore.
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ixigo Posts INR 68 Cr PAT In Nine Months Of FY24, Nearly 3X Of FY23 Profit
Inc42
·
1y ago
Medial
IPO-bound travel aggregator ixigo's parent company, Le Travenues Technology, has reported a profit of INR 65.7 Cr in the first nine months of the financial year 2023-24 (FY24), nearly triple the INR 23.3 Cr profit from the previous year. In the same period, ixigo recorded an operating revenue of INR 491 Cr. The company primarily generates revenue from convenience fees on ticket reservations and advertising services. ixigo recently refiled its draft red herring prospectus (DRHP) with SEBI, intending to raise INR 120 Cr through a fresh issue for its IPO.
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Nuvama Wealth acquires shares worth Rs 100 Cr in OYO via secondary market: Report
YourStory
·
7m ago
Medial
Nuvama Wealth and Investment Limited has acquired shares worth Rs 100 crore in OYO's parent firm Oravel Stays through a secondary market transaction. The share sale at Rs 53 apiece values OYO at $4.6 billion. Discussions with potential buyers for stake purchases at prices ranging between Rs 53-60 per share are at an advanced stage, potentially valuing OYO at up to $5.2 billion. OYO reported a net profit of around Rs 132 crore in Q1 FY 2025, a turnaround from the previous fiscal year's loss. Moody's Ratings has upgraded Oravel Stays' corporate family rating to B2 from B3.
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Nazara’s Absolute Sports acquires TJRWrestling.net and ITRWrestling.com
Entrackr
·
2m ago
Medial
Absolute Sports, a subsidiary of Nazara Technologies and the parent company of Sportskeeda.com, has signed definitive agreements to acquire TJRWrestling.net and ITRWrestling.com from Titan Insider Digital. The acquisition, valued at $1.25 million (approximately Rs 10.5 crore), is an all-cash asset purchase via Absolute Sports' U.S. subsidiary, Sportskeeda Inc., and is expected to close within 45 days. This acquisition aims to strengthen Sportskeeda's presence in the combat sports segment and expand its reach in the U.S. market. Ajay Pratap Singh, CEO of Absolute Sports, stated that the acquisition aligns with the company's vision to be a leading destination for wrestling content worldwide. TJRWrestling, and ITRWrestling, collectively attract 1.7 million monthly active users and generate 4.6 million monthly pageviews, primarily from North America. In 2024, the two platforms reported combined revenues of $722,000 (approximately Rs 6.1 crore). Nazara has a history of strategic acquisitions to expand its digital media and gaming portfolio. In 2019, it acquired a 67% stake in Sportskeeda for Rs 44 crore. Other acquisitions include Nextwave Multimedia, Nodwin Gaming, Paper Boat Apps (Kiddopia), WildWorks, and a 47.7% stake in Moonshine Technology, the parent company of PokerBaazi, for Rs 832 crore. In 2024, Nazara acquired Comic Con India for Rs 55 crore through its subsidiary Nodwin Gaming and UK's Fusebox Games for $27.2 million. In January 2025, it purchased two mobile games, King of Thieves and CATS: Crash Arena Turbo Stars, from Zeptolab for $7.7 million. Nazara has also set aside $100 million for future mergers and acquisitions to further its global expansion strategy.
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Creativefuel acquires Miss Malini for Rs 6 Cr
YourStory
·
3m ago
Medial
Creativefuel is acquiring MissMalini Entertainment from the Good Glamm Group for Rs 6 crore. The deal includes MissMalini's domain and social media assets, while the talent management arm remains with Good Glamm. This move follows Good Glamm's recent divestments, including selling Sirona back to its founders and digital platform ScoopWhoop to WLDD, amid financial challenges. The company is considering selling stakes in other brands and seeking fresh funds due to liquidity issues and investor departures.
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