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India set to be a big semicon player in 10 years: union minister Amit Shah

Economic TimesEconomic Times · 12m ago
India set to be a big semicon player in 10 years: union minister Amit Shah
Medial

India's home minister, Amit Shah, predicts that India will emerge as a significant player in the semiconductor market within the next decade. He highlighted the upcoming semiconductor chip manufacturing plant in Sanand, Gujarat, being built by US chip maker Micron. The plant is part of India's Semiconductor Mission, aiming to develop a domestic chip industry. The government has also approved the establishment of a unit by Kaynes Semiconductor. Shah also mentioned India's Digital India initiatives and the steps taken to support startups and innovation, including the abolition of the angel tax. Additionally, he highlighted the country's efforts in the space sector and plans to train cyber commandos.

WinZO forays into micro dramas, enters US after RMG ban

EntrackrEntrackr · 19d ago
WinZO forays into micro dramas, enters US after RMG ban
Medial

WinZO forays into micro dramas, enters US after RMG ban WinZO, the social gaming and entertainment platform, is expanding its playbook beyond real-money gaming (RMG) with a foray into micro dramas and subscription-led services, as it looks to navigate the government’s blanket ban on RMG in India. The company has also widened its global presence with a US debut, marking its third international market after Brazil. As part of its content push, WinZO has introduced WinZO TV, a new feature that serves up bite-sized drama shows for its 250 million users. The format delivers one to two-minute serialised videos, with initial episodes free to watch and later ones priced at Rs 2 each. With this, WinZO will face competition from Flick TV, Kuku FM’s Kuku TV, ShareChat’s QuickTV, Reel Saga, Reelies, Chai Bisket’s Chai Shots, and Eloelo. WinZO has raised over $100 million from marquee investors including Kalaari Capital, Griffin Gaming Partners, Makers Fund, and Courtside Ventures, and was last valued at around $340 million. While its RMG business faced significant headwinds due to regulatory changes and higher GST, the company has been seeking alternative monetisation avenues through subscriptions, in-app entertainment formats, and international expansion. WinZO’s expansion into the US comes nearly two years after its Brazil foray, aimed at reducing dependence on India following the introduction of a 28% GST regime on RMG apps. According to co-founders Saumya Singh Rathore and Paavan Nanda, the US launch will also allow Indian developers building culturally relevant games to reach a new global audience. For the fiscal year ending March 2024, WinZO reported a 70% year-on-year surge in operating revenue to Rs 1,055 crore, while its profit after tax (PAT) rose 2.5X to Rs 315 crore. The company outpaced its peers in revenue growth, compared to Nazara’s 4%, Zupee’s 34.9%, and MPL’s 22%. The government’s RMG ban is prompting many firms to explore alternative avenues. For context, Dream Sports, which owns Dream11, has ventured into wealth tech with Dream Money, letting users invest in digital gold and fixed deposits.

A23 parent lays off 500 employees following RMG ban: Report

EntrackrEntrackr · 8d ago
A23 parent lays off 500 employees following RMG ban: Report
Medial

Head Digital Works, the parent company of A23 Rummy, A23 Poker, and Cricket.com, has laid off approximately 500 employees, nearly two-thirds of its workforce. The move comes after India enacted the Promotion and Regulation of Online Gaming Act, 2025, which imposes a blanket ban on real-money online gaming. Last week, A23 also filed a petition before the Karnataka High Court challenging the newly enacted law. The next hearing is scheduled for September 8 at 2:30 PM. “At Head Digital Works, our people have been central to our growth and it was with careful consideration that we took the decision to let go of a significant part of our workforce. We will ensure that this transition is handled with responsibility, providing meaningful severance and support to those impacted, and we remain grateful for their contributions. While recent regulatory changes necessitated this step, we are confident that a balanced framework will evolve over time, and we remain committed to building a resilient future and exploring new opportunities for the company," said Siddharth Sharma, CEO, Head Digital Works. The decision was announced in a company-wide town hall, and the firm now has about 200 employees focused on key teams. Meanwhile, Head Digital Works is evaluating new business opportunities beyond gaming to build a sustainable future. Head Digital Works further highlighted the broader impact on the sector, warning of job losses affecting over 200,000 people and threats to foreign and domestic investments in India’s booming Rs 23,440 crore online skill gaming industry. Following the ban, more layoffs are expected across real-money gaming platforms. Recently, Bengaluru-based unicorn MPL was in the news for cutting about 60% of its staff in India, roughly 300 employees.

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