From $4M investment to a $360M exit: The PlaySimple story
Bengaluru-based game developing startup PlaySimple was acquired by Sweden-based Modern Times Group (MTG) for a whopping $360 million — one of the largest deals among gaming startups in India.
While PlaySimple has raised just $4 million in funding from Elevation Capital and Chiratae Ventures, the startup has grown its revenue by 144 percent in the 2020 calendar year to $83 million, with an adjusted EBITDA of $18 million.
Mirroring the strong sentiments in the Indian startup ecosystem, PlaySimple's estimated H1 revenues also shot up by approximately 82 percent, touching an estimated $60-64 million.
Incorporated in 2014 by brothers Siddharth Jain and Siddhanth Jain — with Preeti Reddy and Suraj Nalin as co-founders, PlaySimple is focused on mobile games across the categories of trivia, word, and puzzle.
"PlaySimple is a rapidly growing and highly profitable games studio that quickly has established itself as one of the leading global developers of free-to-play word games, an exciting new genre for MTG," says MTG’s Group President and CEO Maria Redin.
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"An experienced management team and focused, the data-driven operating model has allowed PlaySimple to develop multiple game hits especially popular with the growing global audience of female gamers."