Mobile gaming startup Nazara Technologies has purchased a minority stake in gaming development studio CrimzonCode.
Nazara has bought a 27.42% stake in Jatia Education Private Ltd (JEPL), which owns CrimzonCode, for an undisclosed sum, the company has said.
CrimzonCode runs various online quizzes which allow users to win real money. The game enables users to play quizzes around localized topics. Real money gaming, which includes fantasy, betting and quizzing amongst others, contributes to over 60% of the online gaming industry in India.
In an interview with ET, Manish Agarwal, CEO at Nazara Technologies said, “For scale and revenues in the real money gaming space, the next billion users will be in language-oriented markets. With the framework (in quiz gaming) set in English, we will look to change the language content across geographies offering a platform that is scalable even internationally.”
“We believe that having the backing of Nazara as an investor and publisher will provide us with a springboard to launch real money quiz in 61 countries across emerging markets where Nazara has its presence,” said Devavrat Jatia, founder of CrimzonCode.
In January this year, Nazara bought majority stakes in Gurgaon-based e-sports platform NODWIN Gaming and Chennai-based gaming company Nextwave Multimedia.
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