Founder Vishal Gondal May Buyback The Stake In Indiagames From UTV
Founder of Indiagames Limited Vishal Gondal, along with existing investors Cisco and Adobe are planning to buy back the stake in the company from UTV Software Communications Ltd for around$80- 100 Mn.
In 2006, UTV invested Rs. 68 Cr to acquire 51% stake in the company and later increased it to 58%, to enter into mobile gaming segment.
Transaction Reference: Business Standard
IndiagamesIndiagames Limited is a mobile and online games company and its products are distributed through partnerships with mobile operators.
It has around 250 employees and a base of 60,000 users of games on Demand subsciption model. It is also a distributor of games of Electronic Arts. The main competetors of indiagames are Zapak.com, Reliance Group’s gaming firm and Games2Win, founded by Alok Kejriwal.
UTV Software Communications Ltd operates in the verticals of television, movies, Broadcasting, Gaming and New Media. Walt Disney holds 50% stake in UTV. It has entered the PC and online gaming space through the acquisiton of UK-based Ignition Entertainment and US-based True Games.
In 2006, Indian gaming companies and Indian subsidiaries of foreign gaming companies established the Indian Games Industry and Trade Association (iGITA). iGITA helps Indian gaming companies to secure a strong foothold in the global gaming development market.
According to the Ficci-KPMG 2010 report, the mobile gaming market is expected to be Rs.240 crore in 2010 and is expected to reach Rs 1,430 crore by 2014. As the online space is gaining importance since few months, MotorExchange raised around $5 million from Epiphany Ventures and existing investors Canaan Partners and recently,UK-based Just-Eat has acquired 60% stake Hungryzone.com, an online restaurant listings and ordering portal.
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Vishal Prannath Gondal
UTV Software Communications Limited
|Vishwaroop IT Park, Vashi InternationalInfo-Tech Park, Above Raghuleela mall, 11th Floor, Plot No. 34, 35 & 38,Sector 30 A, CIDCO, Vashi||http://www.indiagames.com|
|UTV Software Communications Limited||
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