Nazara acquires UK-based Fusebox Games for Rs 228 crore

Gaming and sports media company Nazara Technologies on Thursday said it has acquired Fusebox Games, a UK-based gaming studio, for Rs 228 crore ($27.2 million) in an all-cash deal. Fusebox offers a successful interactive story game 'Love Island' and is developing new games based on popular global TV Intellectual properties (IPs).

“We see a large opportunity in building an IP-based global gaming business that benefits from our core base in India where we can support global studios through enhanced user acquisition strategies, data analytics, live operations, and new initiatives such as implementing our in-house AI playbook,” said Nitish Mittersain, Founder and CEO of Nazara.

In 2023, Fusebox reported Rs 87.5 crore in revenue. In 2024, the gaming company has demonstrated strong growth with year-to-date (YTD) revenues (January-July) at Rs 116.6 crore. The UK-based company operates IP-driven interactive story games that are monetized through in-app purchases, which accounted for 92 percent of the total revenues in July.

The games developed by Fusebox primarily target developed markets including the US, the UK, Australia and Canada, Switzerland, Sweden, Denmark, Norway, and New Zealand, among others. The company has 30 employees primarily based in the UK. “We are happy to join forces with the talented team at Fusebox as we continue to build Nazara into a global gaming company of meaningful scale,” Mittersain added.

Last month, Nazara announced the acquisition of an additional 48.42 percent stake in Paper Boat Apps (PBA) for Rs 300 crore. Nazara, which owns NODWIN Gaming, Sportskeeda, and Pro Football Network, said that it acquired the stake from promoters Anupam and Anshu Dhanuka, to be paid in cash in tranches to take its ownership in PBA to 100 percent.

Paper Boat Apps is the developer and publisher of gamified learning app 'Kiddopia'. Paper Boat Apps posted a consolidated revenue of crore and an EBITDA of Rs 56.1 crore in FY24, with a net cash balance of Rs 155.74 crore (as of March 2024).