It is official now. Indiagames, a developer and publisher of online, mobile, PC and console games, including the just-launched Ra.One, has been acquired by Disney. Vishal Gondal, Founder and CEO at Indiagames, confirms the deal on Facebook. “A very emotional, proud and happy moment for myself and team Indiagames,” he says.
The size of the deal is not known, but according to All Things Digital of the Wall Street Journal that first reported that an acquisition may be on the works, the company was being valued in the $80 million to $100 million range. Reportedly, Disney already owns roughly half of the company, which would translate into an additional $50 million or so for the remaining stake. Other key investors in the company include UTV, a media and entertainment company in India, Adobe, and Cisco. Indiagames recorded a profit of around $400,000 (or INR 2 crore) over revenues of $11 million (or INR 54.5 crore) for the last fiscal year, as reported in the newspaper Business Standard.
Gondal started his first company FACT at the age of 16. Indiagames was started in 1999 with a five member team. Gondal is also a partner in Sweat & Blood Venture Group, a seed/early stage venture capital fund, which he launched in 2008.
At the time of this report, the companies were yet to release an official statement on the acquisition.
Vishal Gondal (Founder and CEO, Indiagames): The show goes on…. We Game ON! One more thing…. I will soon have my first Job :-) partners & investors.
Categories: Corporate News