MUMBAI, November 6, 2014 /PRNewswire/ --
Leading mobile game developer and publisher, Nazara Technologies, today announced the first investment from its Rs. 10 crore Game Fund, in Bangalore-based cross platform social gaming startup, HashCube. Nazara Technologies has led this Series A round of investment in which HashCube has raised Rs. 4.2 crore overall with participation from Perry LaForge, Ah Ventures and existing investors Indian Angel Network and Blume Ventures.
The Nazara Game Fund aims to support young mobile gaming startups. Through this fund, the company plans to invest in promising early stage gaming studios with investments ranging anywhere from Rs. 25 lakh to Rs. 2 crore. In addition to the funds, Nazara Technologies will also commit its expertise to help these startups expand their capabilities and create high quality mobile games. This initiative is a first-of-its-kind in the mobile gaming industry and is a testimony to Nazara's commitment to nurturing an ecosystem for mobile gaming in India.
Nitish Mittersain, CEO, Nazara Technologies said, "We are excited to announce HashCube as the first investment from our Game Fund. We think highly of the HashCube team and are committed to extending our capabilities and networks to help them scale effectively. The mobile gaming ecosystem in India is at an inflection point spurred by strong smartphone penetration and enhanced data networks. Through our Game Fund we look forward to supporting young gaming studios and entrepreneurs that are creating engaging content for millions of users on the mobile platform."
Nazara will work closely with HashCube in guiding them while developing the upcoming games in their Quest mobile game series, the first of which was Sudoku Quest. Additionally, Nazara will also deploy its distribution networks to market these games globally.
Deepan Chakravarthy, Founder, HashCube said, "We are excited to work with Nazara Technologies not just as an investor, but as a strategic partner. Nazara's expertise in developing and distributing games to a global audience will be a great asset for us. Nitish is a pioneer in the Indian gaming industry and we are excited to work with Nitish and the Nazara team for our upcoming Quest games. We want to use this round of investment to grow our team and build more Quest games."
According to a recent study by Deloitte, mobile gaming continues to gain momentum, as is evident from the ongoing interest of gaming companies. The current size of the mobile gaming segment in India is Rs. 560 crore and is expected to more than triple to Rs. 1800 crore by 2017. Venturing out while the mobile gaming sector was still nascent, Nazara Technologies has successfully managed to develop and distribute multiple successful games in India and has created a strong foothold in global markets such as the Middle East, South East Asia, the African subcontinent and has recently ventured into Latin America markets.
About Nazara Technologies:
Nazara Technologies is a leading mobile games developer and publisher focused on emerging gaming markets which include India, Middle East, Africa, South East Asia and Latin America. In addition to developing a range of branded and original mobile games, Nazara operates unique services such as 'Games Club' and also serves as an exclusive distributor for key game developers such as Electronic Arts. Its customers include mobile carriers as well as handset manufacturers. The company is backed by marquee investor Westbridge Capital. For more information on Nazara Technologies, log on to www.nazara.com.
HashCube is a fast-growing mobile gaming startup based out of Bangalore. With expertise in creating world-class casual games on a freemium model, HashCube has already created the world's most monetising Sudoku game, Sudoku Quest, which has been played by over 3 million users. The company has built a replicable framework for casual games, the Quest model, which the company aims to replicate onto 10s of casual games to create a network of Quest Games. HashCube aims to be the #1 casual game developer in India, launching over 20 Quest games over the next 5 years.
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SOURCE Nazara Technologies