Nazara Technologies acquires a minority stake in CrimzonCode (July 2018)
CrimzonCode is known for their quiz games that allows players to win real money
Mumbai, July 2nd, 2018: Nazara Technologies Limited (Nazara) today, announced its partnership with CrimzonCode, a development studio to enter into Real Money Quiz vertical. CrimzonCode owns TopQuiz franchise, which is one of India’s leading quiz games that allows players to win real money. Nazara also picked up a minority stake of 27.42% in the company which runs CrimzonCode.
Nazara will be publishing TopQuiz across emerging markets as part of a multi-year partnership with CrimzonCode. TopQuiz enables users to play interesting quizzes around localized topics and stand a chance to win real money.
In a short span of 6 months, TopQuiz has scaled this to over 5,00,000 users. Top Quiz currently has over 1,00,000 monthly active users engaging for over 15 minutes on the application per session. Most of TopQuiz users are from Tier 2 and Tier 3 cities and the company intends to scale this to a larger number of users within India and other emerging markets.
According to Devavrat Jatia Founder of CrimzonCode, says “Quizzing combined with real money has immense potential. Skill based game play around quiz is deeply embedded in the DNA of Indians and now having a chance to put your knowledge to earn money is a huge opportunity for millions of Indians . 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 the emerging markets where Nazara had its presence, as on September 30, 2017.”
According to Manish Agarwal, CEO, Nazara Technologies, “Quizzing has been very popular with Indians and is a source of clean fun and a booster for self- pride, cutting across age groups; gender and socio economic class. We believe that the team at CrimzonCode has got endorsement from their users in form of high level of engagement and that this opportunity to earn real money combined with the fun of quizzing, is expected to set the Indian market abuzz.”
Apart from Mastermind Sports and HalaPlay, Nazara has also invested in Moong Labs. Nazara acquired Nextwave Multimedia of World Cricket Championship (WCC) fame and NODWIN Gaming, which are in line with building a network of synergistic companies for operations in India and other emerging markets across the Middle East, Africa and South East Asia.
Nazara Technologies Limited has filed a Draft Red Herring Prospectus and IIFL Special Opportunities Fund and Rakesh Jhunjhunwala are shareholders of Nazara. With ESL’s investment in Nazara and NODWIN’s securing exclusive rights of using the ESL system and platform for 5 years, Nazara believes it is poised to exploit the opportunities in the esports business.
About Jatia Education Private Limited
Jatia Education Private Limited is a digital entertainment company. Its most successful product is TopQuiz. TopQuiz is one of India’s first real money quiz game. TopQuiz enables users to play interesting quizzes around topics such as Bollywood and Cricket – and to stand a chance to win real money.
Devavrat Jatia, aged 24 years, is the CEO of Jatia Education Private Limited. He stumbled upon the idea of TopQuiz – whilst running his education venture which had developed a quiz cum tutoring app for school going students. He reckons that he launched TopQuiz as a side business to generate some more revenue for the company – only to later realize there was a bigger opportunity here. On discussing the traction and future plans of the app – one of his mentors told him to “double down” on TopQuiz. For further details, please log on to: http://crimzoncode.com/
Nazara Technologies Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus dated January 31, 2018 (“DRHP”) with the Securities and Exchange Board of India. The DRHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the lead managers, ICICI Securities Limited and Edelweiss Financial Services Limited. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” of the Red Herring Prospectus, when available. Potential investors should not rely on the DRHP for any investment decision.
The Equity Shares of the company have not been, and will not be registered under the Securities Act of 1933 (“Securities Act”) or any other applicable law of the United States of America and unless so registered, and may not be offered or sold within the United States of America, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States of America in offshore transactions in reliance on Regulation S under the Securities Act. The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and bids may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction.