On Wednesday, Nazara Technologies disclosed that it would contribute as much as $500,000 (roughly Rs. 4.15 crore) to the Israeli gaming startup Snax Games.
According to a stock exchange filing by the company, the investment will be made by Nazara Technologies’ Singaporean subsidiary in one or two tranches in the form of a Simple Agreement for Future Equity (SAFE). Nazara Singapore will now have the ability to purchase equity shares in Snax Games at a later time.
Additionally, the business has a publishing deal with Snax Games under which it will have five years of revenue-sharing rights to exclusively publish the games in the Middle East and the Indian subcontinent.
Adam Gal-Ed and Shahar Burg co-founded Snax Games, which is operating covertly. The founding team of the startup has worked on creating a number of top-grossing games and intellectual properties for well-known gaming companies like Scopely, Plarium, and CrazyLab.
Snax Games said in a statement that it intends to create mobile games for the “casual multi-game” genre. The company is currently working on its first game, Parties, and Puzzle, which will soon be made available through Nazara’s publishing platform.
The board recently gave Nazara Technologies permission to issue equity shares in order to raise up to Rs 750 crore. Nazara has backed a number of businesses with a gaming focus over the past couple of years, including Kratos Studios, Nodwin, Halaplay, WildWorks, Kiddopia, Sports Unity, Sportskeeda, and Datawrkz.
