Category: Business
Nazara Games invests US$20 million to set up Indian professional eSports gaming league
Nazara Technologies Pvt. Ltd, a mobile game publisher, has announced on Tuesday, that it has launched a new eSports league in India, for which it would invest Rs 136 crore (about US$20 million) over the next five years.
The eSports league, a series of organised multiplayer video game tournaments is a project initiated to scale up the eSports ecosystem in the country over five years and will be housed in a separate fully-owned subsidiary of Nazara Technologies.
“Esports has become a cultural phenomenon in the last few years. Countries in Europe, Korea, China, and U.S. have seen massive growth in the number of players and spectators. Asia-Pacific accounts for 44% of the audience and is the fastest growing region globally. Given improving internet connectivity in India, launching an eSports league seemed the perfect way to reach out to the large group of eSports enthusiasts in India,” said Nitish Mittersain, the Founder and Managing Director of Nazara Games.
At the onset, the league will conduct two seasons each year for the single person shooter Counter-Strike: Global Offensive, and multi-player online battle arena DotA 2. It also plans to add more titles in the future.
To participate, teams will have to register on the website and pass pre-qualification tournaments in which the progress of all players in the qualification tournament can be tracked by the entire Indian eSports community through live web programmes.
Founded in 2000 by Nitish Mittersain, Nazara Technologies is a leading mobile games publisher with a consumer base in India and worldwide. In addition to developing a range of branded and original mobile games, Nazara operates services such as Games Club, having customers ranging from mobile carriers as well as handset manufacturers.
Speaking on the eSports league, Manish Agarwal, the CEO of Nazara Games also said, “We are excited to provide Indian eSports enthusiasts with a solid and player/community orientated eSports ecosystem, in which players can thrive, improve their skills and become top competitors at an international level. The eSports league will not only be great for Indian players but also for fans. This platform will provide very extensive and exciting coverage of the Indian eSports landscape and will allow fans to track the careers and professional achievements of their eSport idols on a daily basis.”
Nazara is investing in building a wider eSports ecosystem, which it claims will be the firs games project of its genre and scale in India. Focusing on content based and styled on successful eSports format, Nazara will also work around three major pillars – an online content platform dedicated to the eSports community, a professional league and a network of pro-teams entirely supported by Nazara.
Currently present in 41 countries across the world, the company behind Chota Bheem reportedly has a revenue of Rs 220 crore for FY16, or US$26 million, clocking 40% CAGR over the last four years.
In April 2016, Nazara invested an undisclosed amount in London-based mobile games studio TrulySocial. Prior to that, it acquired a 26% stake in another London-based mobile gaming studio Mastermind Sports Ltd, which launched CricBet, a real-time prediction game.
By Vivian Foo, Unicorn Media
Chinese consumer appliance maker Midea to buy Israeli motion control firm Servotronix for US$170 million
Chinese consumer appliances maker Midea Group Co., Ltd. has acquired a controlling stake of Israeli automation solutions developer Servotronix Motion Control Ltd. for an enterprise value of US$170 million.
The deal comes shortly after the completion of Midea’s acquisition of German industrial robot manufacturer Kuka Group for over US$5 billion last month, which marks another milestone for Midea to become a robotics and automation high-end industrial manufacturer.
“This strategic alliance represents another milestone of Midea’s expansion in industrial automation and intelligent manufacturing,” said Paul Fang, the chairman and CEO of Midea. “We believe that Servotronix’ technological leadership and innovation in motion control will generate significant synergies with Midea in terms of value chain integration and new market development.”
“By leveraging each other’s complementary capabilities and resources, the two companies will join forces to develop exciting new products and explore growth opportunities going forward,” Fang continues.
Founded in 1987 by Dr. Cohen, Servotronix develops and manufactures automation solutions focusing on motion control solutions, ranging from advanced encoders, servo drivers to multi-axis motion controllers, for a diverse range of industries including robotics, printing, textiles, medical equipment, renewable energy, Computer Numeric Control (CNC) and machine tools, food and beverages, and electronics.
Since its inception, Servitronix’s portfolio list includes the development of the world’s first PC-based 48-axis motion controllers in 1991, a digital servodrive for Baldur in 1992, a magnetic absolute encoder in 2013, and in 2014, an integrated closed-loop servo stopper motor, among some. At present, the company currently employs 200 people and has subsidiaries in China and Germany.
Following this acquisition, Servotronix will also continue to operate from its headquarters in Petah Tikva, Israel, and coordinate its global activity, including marketing, sales, and product development.
At the same time, the two parities established a strategic partnership to expand the development and sales of advanced motion control and automation systems globally and in China. This is the first collaboration of this type for Midea in Israel.
“This alliance will provide Servotronix with significant leverage for our global operations and put Servotronix in a leadership position in the field of robotics, control, and automation, with China being a major market in this field,” said Dr. Ilan Cohen, the president, CEO and founder of Servotronix.
“We are proud that Midea has recognized our success, and we are confident that this strategic alliance will benefit the company, our customers and our employees. Servotronix will continue its operations with even more enthusiasm and strength.” he further adds.
Established in 1968, Shenzhen-listed Midea manufacturers heating, ventilation and air-conditioning systems, robotics and industrial automation systems. The company generated over US$17 billion revenue in the first nine months of 2016 and has identified robotics and automation as an important growth market.
It has more than 200 subsidiaries, employs more than 130,000 people worldwide, and generated revenues of more than $17bn in the first nine months of 2016. It has identified robotics and automation as an important growth market and is stepping up its involvement in this sector. Midea has a company value of $28 billion and is listed on the Shenzen stock exchange, focuses on household goods, air-conditioning, robotics, and automation.
By Vivian Foo, Unicorn Media
Chinese honeymoon-themed hotel Shilili secures US$14 million round led by Matrix Partners China
Shilili Hotel, a romance-themed chain hotel operator in China has today secured a RMB100 million (about US$14 million) Series A round led by Matrix Partners China.
This investment round follows a RMB30 million (about US$2 million) Pre-A funding round from Li Chi, a renowned Chinese individual venture investor, and his capital management firm – Co-Power Capital Management Co., Ltd. in July 2016.
Founded in 2013, Shilili targets millennials, referencing to young adults born in the 80s and 90s. More specifically, its prospects include young women or couples who are romantics, providing them a hotel concept, product design, and service experience surrounding a luxurious romantic ideal.
“The hotel industry is witnessing a change in taste whereby a unique personalised accommodation is in trend, accompanied by an increase in consumer’s expenditure,” said Xu Xinming, the founder of Shilili. “Traditional hotels now lacks these qualities, and Shilili is set up to target new millennial consumers, with love and beauty as the core concept of the hotel.”
Shilili offers three different themes, that is the Honeymoon Inn, in addition to the Art Hotel and Love Utopia which will be introduced in 2017. The Art Hotel will create a range of aesthetic elements in the exhibition hall, while Love Utopia will feature romantic scenic villages.
In terms of pricing, the Honeymoon Inn rooms are priced between RMB1000 to RMB1500 (about US$145 to US$218) while the Art Hotel is priced at RMB2000 (about US$291) and above.
At present, Shilili operates seven hotels, with a total number of 200 rooms and an average occupancy rate of 90 percent. Six hotels are located in the Yunnan province while one can be found in the Guangxi province. The current management team has about 20 people, which are mostly born in the 80s and 90s.
With the latest proceedings, Shilili will use the capital to upgrade their products as well as to obtain new customers. Shilili also plans to establish an additional 40 to 50 hotels this year, including three Art Hotels and three Love Utopia-themed hotels across the country.
The company targets its annual revenue to reach RMB200 million (about US$28 million) in 2017.
By Vivian Foo, Unicorn Media
SportsPlay acquires Jogo to bring Malaysian sport fans a better platform
SportsPlay, a sport-matching app that helps discover sports partners in a wide range of sports has recently announced the acquisition of Jogo to bring forth a singular sporting app to provide a better platform experience than before.
With their services ranged around similar premises, Jogo is considered a competitor as well as a suitable partner to SportsPlay in support of providing local sports fans with a smoother platform to enhance their playing experience.
Details of the transaction were not disclosed but assets acquired by SportsPlay includes Jogo’s smart booking system, league management system, sports facilities management system and its current users base.
Pro-acquisition, these Jogo-related assets and businesses will also be rebranded and merged into SportsPlay as one business entity and SportsPlay will also reach an undisclosed 7-figure valuation.
“We are delighted with this merger as it will boost up our business scaling and acquisition of great experienced talents into the company management,” said SportsPlay’s CEO Jin Tan. “Grassroot sports development is an important part of why we do what we do, and this deal will supercharge our efforts to build a stronger, more robust community of sports enthusiasts and sports industry. It’sti a win-win deal.”
Both startups were founded around the same time back in June 2016 and share the same mission of providing a solid solution for current sports businesses which still faces a lot of offline challenges.
SportsPlay is a mobile app that connects users interested in a variety of sports, working through matching users with other individuals who are on the lookout for players to join in on a match in addition to the function of finding sports venues within nearby vicinity.
The app currently has over 10,000 users signed up with more than 30 facilities partners on board nationwide and received initial funding from TinkBig Venture. In addtion to individual users, SportsPlay also aids sports facilities in addressing off-peak hours where court utilization can prove to be a challenge.
On the other hand, Jogo allowed users to book sports courts through its mobile app and gave court operators the opportunity to manage their sports venue through an easy-to-use dashboard. The platform was involved in several local leagues in Klang Valley and helped to manage them through their league management system.
“Both companies wanted to solve problems in sports but our solutions came from different directions and different angles. We noticed that we needed some extra solutions to grow stronger, bigger and faster. So SportsPlay decided to acquire Jogo to put everything under one roof and come out as a more solid solution,” said Jin.
Since Jogo will be rebranded as SportsPlay, their existing users will be directed to that app instantly. Those already using SportsPlay will see no drastic change but the platform will have more features alongside more new members.
Speaking on the merger, Vimal Kumar, the Co-founder and COO of Jogo said, “Jogo has technological expertise in high end management system, providing online solutions for sports leagues and competitions in the Klang Valley, while SportsPlay boasts an extensive user base and exposure to other sports. Pairing the two will allow both parties realise incredible synergies for the benefit of sports lovers all across Malaysia.”
By Vivian Foo, Unicorn Media
Indonesian Moka raises US$2 million round led by Mandiri Capital
Moka, a Jakarta-based point-of-sale app operator has just received US$2 million in a funding round led by Mandiri Capital, with participation from existing investors Convergence Ventures, East Ventures, Fenox VC, and Northstar Group.
“We believe that Bank Mandiri’s vast network of small and medium enterprise (SME) merchants will benefit from our POS and payment solution. We look forward to working with Mandiri Capital to empower local businesses in Indonesia,” said Moka’s CEO and Co-founder Haryanto Tanjo.
This investment round comes in less than a year following a US$1.9 million, East Ventures-led Series A round secured by Moka in June last year which also saw participation from Convergence Ventures, Fenox VC, Northstar Group, and Wavemaker Partners.
Moka plans to use the fresh funding to speed up product development, as well as to attract “the best talents” to help the process, in addition to offering new vertical-specific features for F&B, retail, and service industries.
Founded in July 2014, Moka provides an end-to-end POS and payment solution that caters to small and medium businesses in Indonesia. The service consists of an Android/iOS app used by store cashiers and a web back-office that enables SMEs to access data such as sales reports, inventory, and customer feedback in real-time.
“We acquire merchants through a mix of online and offline marketing. We have a strong sales team that gives product demo to merchants and a support or implementation team that brings merchants onboard,” Tanjo explains.
At present, the startup’s SME clients are spread across F&B, retail, and services industries. More than half of them are based in Jakarta, with the rest operating in Bandung, Bali, Surabaya, and smaller Indonesian cities.
“One of the difficulties that we see in SME’s is to track sales and many business owners are still doing it manually. We think that Moka is the right partner and the best startup available to provide such ability to SME,” Eddie Danusaputro, the CEO of Mandiri Capital said.
The company has seen rapid growth in 2016, claiming to have over 2,500 monthly paying merchants to date, and it plans to grow even more aggressively this year. Additionally, Moka had also just launched a sales office in Jogjakarta this month.
By Vivian Foo, Unicorn Media