Nazara Technologies’ unit to complete acquisition of Ultimate Teen Patti in one month
The India-based technology company’s Next Wave Multimedia is all set to buy the card game company for Rs 10 crore in a month.
Nazara Technologies’ mobile gaming arm Next Wave Multimedia is all set to complete its acquisition of the intellectual property rights for Ultimate Teen Patti in the next thirty days, according to a BSE filing
The diversified gaming company disclosed that the deal was worth Rs 10 crores.
Nazara, in April this year, had disclosed plans to buy the card game company from .
Ultimate Teen Patti is an app that lets its users play Teen Patti, a form of poker, online and with other competitors without any real money and is designed as a free to play online game.
The company which raised Rs 250 crore earlier this year via preferential share allotment had said that it would direct the funding towards its growth plans.
Nazara has since invested in influencer platform Kofluence and Germany-based Freaks 4U Gaming through its subsidiary .
The online gaming industry in India is expected to grow at a compound annual growth of 21% to reach Rs 38,800 crores by 2026, according to a recent report by EY.