Bengaluru and Delaware-based metaverse and gaming company OneVerse Tuesday said it has acquired Mumbai-based online poker platform Spartan Poker. The company did not disclose the financials of the transaction.
Spartan Poker had posted a revenue of Rs 95 crore in the financial year through March 2023 while its net loss for the year stood at around Rs 6.2 crore. It claims to have over 2 million registered users.
“This acquisition opens up new horizons for creativity and technological advancements, and we look forward to creating extraordinary customer gaming experiences together,” said Amin Rozani, Spartan Poker's founder and chief executive officer.
Spartan Poker, which is operated by Quadrific Media Pvt. Ltd, is one of the many companies that were severely impacted by the introduction of the 28% GST on online gaming.
The Mumbai-based company had laid off 125 people, or around 40% of its workforce, following the introduction of GST on online gaming.
Meanwhile, OneVerse has set up a corpus of $120 million (around Rs 1,000 crore) for its merger and acquisition (M&A) strategy as it looks to snap up Indian gaming companies.
OneVerse is in the process of raising capital from a few notable investors, including some family offices, to fund these acquisitions, a person aware of the development told VCCircle.
OneVerse is going to make aggressive M&A bets in India’s gaming segment and is looking to close more acquisitions in the next three months, the company said in a release.
RMB Capital India acted as OneVerse's advisor on the transaction.
