India-based Nazara Games has acquired a majority stake in a Chennai-based gaming startup – NextWave Multimedia, local media reports.
The deal represents the company’s first majority stake acquisition, and comes ahead of Nazara’s scheduled initial public offering in March 2018.
NextWave develops casual and multiplayer games in the sports genre, and owns the IP for one of the most popular cricket games in India, World Cricket Championship (WCC).
“Nazara has been on the lookout for gaming companies which have established strong leadership in the sports genre. NextWave offers a strong promise of dominating the space globally with its massive fan base of over 15 million monthly active users and strong product offering,” Agarwal said.
Agarwal said the acquisition allow gives Nazara an ideal platform to introduce virtual reality arcades and mobile sports games in India.