SUMMARY
However, the company did not disclose the financial terms of the transactions
OneVerse further told Inc42 that the buyout terms ensure retaining the current workforce as it shares the DNA of the company
It is pertinent to note that last month Micheal told Inc42 that the company plans to make around seven to eight more acquisitions in the upcoming days in RMG as well as casual gaming categories
Metaverse and gaming tech startup OneVerse Gaming has bought online poker platform PokerSaint, marking its fourth acquisition in the gaming space.
However, the company did not disclose the financial terms of the transactions.
This also marks OneVerse’s third acquisition in the poker segment after Calling Station, Spartan Poker and BatBall11.
Paul Micheal, CEO of OneVerse Gaming said that this acquisition fits perfectly with the company’s strategic vision and growth objectives.
OneVerse further told Inc42 that the buyout terms ensure retaining the current workforce as it shares the DNA of the company.
“Joining forces with OneVerse marks a significant milestone in our journey. This partnership will enhance our ability to innovate and expand, bringing unparalleled experiences to our users,” said Kshitij Anilkumar, founder of PokerSaint.
Dhyanesh Sundarmurthy who acted as OneVerse’s advisor on the transaction, said, “As the gaming industry continues to evolve at an unprecedented pace, strategic acquisitions such as OneVerse Gaming’s purchase of Poker Saint exemplify a forward-thinking approach to market expansion. By strategically integrating complementary assets and expertise, companies can position themselves to capitalize on the emerging opportunities and drive sustainable growth in this rapidly-evolving sector.”
It is pertinent to note that last month Micheal told Inc42 that the company plans to make around seven to eight more acquisitions in the upcoming days in RMG as well as casual gaming categories.
It is also planning for an additional investment of INR 250 Cr (around $31 Mn).
“The investment will be across OneVerse’s portfolio of planned investments,” Micheal said.
Earlier, the company said in a statement that the recent macroeconomic challenges have presented favourable conditions for its M&A efforts.
Meanwhile, the latest acquired company has a combined user base of 0.8 Mn.
This comes at a time when the Indian online gaming startup ecosystem is grappling with sustainability concerns after a 28% GST was levied on face value.
Before October 1, 2023, the online gaming industry was experiencing a robust growth rate exceeding 20% annually.
While some companies like Hike and Mobile Premier League (MPL) have undergone large-scale layoffs, others like Fantok have temporarily suspended operations.
The situation has further been compounded by enforcement agencies issuing approximately 71 notices to online gaming platforms for suspected tax evasion amounting to INR 1.12 Tn.
Moreover, investor confidence in the sector has waned which has led to a drying up of funding opportunities for startups within the ecosystem. Last December, Octro, a gaming studio, announced its acquisition of Israel-based DGN Games for an undisclosed sum.
