Indian Startup News
Mobile development Indian startup, PlaySimple’s acquisition with the aid of using the Swedish game development corporation, Modern Times Group (MTG) for a whopping $360 million, last week became the biggest lesson for the Indian startup ecosystem in 2021. And this not just because of the cost it is news for Indian startups for numerous reasons. For starters, in contrast to most acquisition deals, this one is majorly a coin goes out, in which each stakeholder made a killing. Moreover, the Indian Startup raised a humongous amount of $4.5 million considering the fact that it came into existence in 2014 and grew to become worthwhile in FY20, with Rs 38 crore withinside the green.
Founded by a group of former Zynga personnel Suraj Nalin, Siddhanth Jain, and Preeti Reddy and previous Walmart Labs worker Siddharth Jain, PlaySimple operates a couple of phrase video games including ‘Daily Themed Crossword’ and ‘Word Wars.’ To recognize the structure of the startup financials and the backing of its stakeholders, you have to look smartly and deeply into the structure of this under-the-radar startup.
The year 2014 became the birth year of PlaySimple, released and additionally raised its first investment spherical. In December of its birth year, the rising Indian Startup raised Rs 3.14 crores from Chiratae Ventures, Pandara Trust, and Yezdi Lashkari who were then running with Microsoft’s Venture accelerator, and went on releasing his very own task FlexMoney in 2015, filings show. Two years pass by and in November 2016, PlaySimple raised Rs 27 crores in a Series-A investment spherical from SAIF Partners which are now known as Elevation Capitals, Chiratae Ventures, and Pandara Trust at a valuation of Rs 115 crore.
Their funding adventure began quickly and ended after just a brief run. Following those investments, the co-founders collectively owned 58.13% of the business enterprise, after accounting for the notional ESOP Pool created with the aid of the business enterprise, which has 23,387 alternatives that could be converted into an Equity Share of the business financials.
Reports point out Elevation Capital as the largest stakeholder among the business enterprise’s investors, controlling almost 20% stake withinside the gaming rising startup, the second giant in the list to hold the most equity is Chiratae which controls about 12.03%. However, the early investors Pandara Trust hold around 2.69% of the total stake of the business.
PlaySimple’s playbook turned into a simple ledger of business rules that could inspire a lot of people, the mantra is simple: prioritize sales and develop it without elevating an excessive amount of outside capital, or chasing vanity metrics along with valuation. It’s absolutely an inspiration for lots of upcoming startups in India with little cash and entire control over the business.
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