In the past five years, the skill gaming industry has grown to an industry worth $500 million annually
The strategic acquisition strengthens Junglee Games’ position in the skill gaming space
New Delhi: Skill gaming platform Junglee Games, on Wednesday announced the completion of the acquisition of Algorin TechLabs, a Bengaluru-based gaming company. The strategic acquisition strengthens Junglee Games’ position in the skill gaming space and is poised to provide a strong presence for the company in Bangalore.
Algorin TechLabs was co-founded in 2017 by Vijay Varma and Abhishek Bharti and was instrumental to introduce PlayFantasy and JustKhel - skill-based daily fantasy sports’ platforms for serious gamers with close to real-match scoring.
Post the acquisition, the team of 20 people from Algorin TechLabs along with the founders have joined Junglee Games to build products focused on fantasy sports and help expand presence in the Indian market.
Commenting on the acquisition, Ankush Gera, founder & CEO of Junglee Games said, “I have known Vijay and Abhishek for the past few months and recognize Algorin TechLabs as an extremely talented and high-performance team which has taken significant strides in building skill based games like PlayFantasy and JustKhel. With the two businesses coming together, we at Junglee Games are excited to look forward to the next phase of skill games and the untapped $150 billion market."
In the past five years, the skill gaming industry has grown to an industry worth $500 million annually. A large part of that revenue is generated by fantasy sports. The acquisition witnessed the development and launch of Howzat - India’s newest fantasy sports platform, co-developed by the Junglee Games and Algorin TechLabs teams.
Howzat allows gamers to create their own fantasy (Cricket/Football/ Kabaddi) teams from among the players playing real matches on ground. Once a virtual team is created, gamers can compete with other players’ teams and win cash and prizes.
Abhishek Bharti, Co-Founder of Algorin TechLabs said, “We are thrilled to be joining the team at Junglee Games which has charted a high growth path in the skill-based game space and has successfully created a global community of 25+ million gamers. Culturally, both the companies are aligned and now with Howzat, we hope to combine our knowledge and tech expertise in order to produce high skill games for the ever increasing demand in the country."
Founded in 2012, Junglee Games operates from San Francisco and Delhi and has over 250 employees between San Francisco, Hong Kong, Austria, India, Vancouver, Argentina and Poland. Junglee Games has paved the way for a new class of games where gaming enthusiasts can win prizes and cash. Overall, it is helping build a community of players who use their cognitive skills and allow users to compete with real players from across the country.