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Pravis acquires stake in adtech gaming platform StreamO

EntrackrEntrackr · 1y ago
Pravis acquires stake in adtech gaming platform StreamO
Medial

Growth marketing firm Pravis, founded by former co-founders of Momspresso, has acquired a significant stake in adtech gaming platform StreamO. This venture is set to explore the substantial business potential of the rapidly growing gaming sector, particularly in the GenZ demographic. The new partnership with Pravis promises to strengthen StreamO’s leadership in connecting brands with the engaged GenZ gaming community. Founded by Tushaar Garg and Ankit Bhatia in 2021, StreamO connects brands with gamers and their live watchers, reaching a vast network of over 20,000 gamers and a GenZ subscriber base exceeding 300 million. Vishal Gupta and Prashant Sinha, co-founders of Pravis, plan to use their expertise from developing internet goods and influencer relationships to move the gaming industry forward after their exit from Momspresso to Honasa (MamaEarth). StreamO claims to have established successful collaborations with top brands including Netflix, Amazon Prime Video, Intel, Sony PlayStation, OnePlus, Hero, Crocs, Taco Bell and Spotify, having more than 100 significant brand engagements.

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A23-parent Head Digital Works acquires Adda52 for Rs 491 Cr

EntrackrEntrackr · 4m ago
A23-parent Head Digital Works acquires Adda52 for Rs 491 Cr
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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