Swedish gaming giant Modern Times Group (MTG) has acquired Indian startup PlaySimple for at least $360 million, the two firms said Friday.
MTG said it will pay 77% of the acquisition sum to Indian game developer and publisher in cash and the rest in company shares. There’s also another $150 million reward put aside if certain undisclosed performance metrics are hit, the two firms said.
Friday’s deal marks one of the largest exits in the Indian startup ecosystem. PlaySimple had raised $4 million Series A at a valuation of about $16 million from Elevation Capital and Chiratae Ventures in 2016. (The startup, which began its journey in Bangalore, raised just $4.5 million in total from external investors.)
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