Exclusive – Indian Real Money Gaming Startup Moonfrog Labs Acquired By Stillfront Group

Founded in 2013, Moonfrog Labs Pvt Ltd has entered into an agreement with Stockholm based operator Stillfront Group AB where the Swedish company will completely acquire the Bengaluru based company. This deal will be the entry of Stillfront in the Indian market where it has bought 91% stake for $90 million (INR 656Cr) on a cash and debt free basis. The rest of the 9% stake will happen in 3 tranches till 2023 based on Moonfrog’s performance.

 Moonfrog Labs was founded by Ankit Jain, Oliver Jones, Kumar Puspesh, Dimpal Kumar, Maisuriya, Tanay Tayal in Nov 2013. They raised $1 million from Sequoia Capital in 2014 followed by another fundraising round from Sequoia with Tiger Global in March 2015 for $15 million.

 The company is famous for many popular gaming apps like Ludo Club, Baahubali: The Game in April 2017, Teen Patti Gold launched in Aug 2013 and Alia Bhatt: Star Life launched in March 2017. Total sales of Rs. 131 crore and a net profile of Rs. 38 crore in 2018-19. Unaudited numbers where net revenues of $21 million and EBITDA (earnings before interest, taxes, depreciation and amortisation) of $12 million were released by Stillfront for the time period of Jan 2020-Sept 2020.

South Africa Today

Read more at VolaNews

Source link