The blockchain-based e-sports fan engagement startup Stan has been acquired by gaming and sports media company Nazara for a potential cash consideration of up to $2.2 million, which amounts to a 15.86% stake.
In an all-cash deal last month, Nazara Technologies paid Rs 228 crore ($27.2 million) to acquire the UK-based game studio Fusebox Games Limited.
According to a stock exchange filing from the company, the acquisition enhances Nazara’s standing in the gaming and e-sports industry.
Stan is a web-based platform that was founded in 2022 by Shubham Gupta, Rahul Singh, Chadha, and Nauman Mulla. It allows users to interact with their favorite gaming creators and celebrities through chat rooms, audio rooms, digital collectibles, and exclusive celebrity communities.
Stan raised $2.7 million in January of this year from the Maelstrom Fund, Aptos Labs, and other sources. The Bengaluru-based startup raised $2.5 million in its seed round in May 2022, with General Catalyst and other investors leading the way.
The startup claims to have over 12 million users and $1.8 million in revenue as of March 31, 2024.
Operating revenue for Nazara decreased by 6.06% from Rs 266.2 crore in Q4 FY24 to Rs 250 crore in Q1 FY25. The gaming segment accounted for 37.11% of the company’s total operating revenue, while ad tech contributed 10.26%. E-sports constituted 52.73% of this revenue.
Nazara has completed several transactions in the last few months, such as purchasing Paper Boat Apps, the developer of Kiddopia, acquiring the intellectual property rights of Ultimate Teen Patti, and assuming ownership of DeltiasGaming’s assets.
