From $4M investment to a $360M exit: The PlaySimple story

Bengaluru-based sport growing startup PlaySimple was acquired by Sweden-based Modern Times Group (MTG) for a whopping $360 million — one of many largest offers amongst gaming startups in India. While PlaySimple has raised simply $4 million in funding from Elevation Capital and Chiratae Ventures, the startup has grown its income by 144 p.c within the 2020 calendar yr to $83 million, with an adjusted EBITDA of $18 million.Mirroring the robust sentiments within the Indian startup ecosystem, PlaySimple’s estimated H1 revenues additionally shot up by roughly 82 p.c, 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 targeted on cellular video games throughout the classes of trivia, phrase, and puzzle. “PlaySimple is a quickly rising and extremely worthwhile video games studio that shortly has established itself as one of many main international builders of free-to-play phrase video games, an thrilling new style for MTG,” says MTG’s Group President and CEO Maria Redin. Read all about how the Indian startup ecosystem is battling the second wave of COVID-19 right here.Here are some helpful instruments to enable you to discover the closest vaccine centres in real-time.You can even share a tribute to COVID-19 warriors, saviours, and survivors right here.The InterviewAmid the lockdown, a lot of industrial quality manufacturing with regards to TV and non-digital advertisements had taken a pause. This compelled manufacturers to set up their digital presence. Monk Entertainment, which offers social media consulting, social media branding companies, and influencer advertising and marketing, additionally noticed an uptick in digital adoption.Viraj Sheth, Co-founder and CEO, Monk Entertainment, discusses the fixed hustle and disruption tradition of the startup ecosystem and its impact on founders’ and staff’ psychological well being and total well-being, influencer advertising and marketing within the pandemic and way more.Editor’s Pick: How FamPay grew 10X amid the pandemicWhen budding entrepreneurs Sambhav Jain and Kush Taneja approached buyers, their age at all times grew to become a matter of dialogue. But that did not maintain them again, and so they based FamPay, which is likely one of the greatest fintech firms dominating the teenage finance phase in India.Launched in 2019, FamPay is a fintech resolution that helps kids beneath the age of 18 assert their very own monetary independence through an app that’s designed only for them. Read extra. FamPay founders Kush and SambhavStartup SpotlightHelping entrepreneurs construct partaking emailsEntrepreneur Aquibur Rahman at all times needed to do one thing of his personal. So, he teamed up with Apurv Gupta and Devyesh Tandon to begin Mailmodo in 2020.The SaaS tech startup’s no-code platform helps entrepreneurs construct partaking emails. According to Aquibur, firms are utilizing the platform for varied actions resembling lead technology, surveys, webinar registration, on-line procuring, job registration, and many others. Read extra. News & UpdatesEsports and ability gaming startup Mobile Premier League (MPL) has forayed into the US market with the launch of its app, which might be obtainable on the Apple and Google app shops.Before you go, keep impressed with…  “An skilled administration workforce and targeted, the data-driven working mannequin has allowed PlaySimple to develop a number of sport hits particularly widespread with the rising international viewers of feminine avid gamers.”— Maria Redin, President and CEO, MTG GroupNow get the Daily Capsule in your inbox. Subscribe to our e-newsletter right this moment!

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