JetSynthesys raises Rs 300 crore from existing shareholders

Digital entertainment and technology company JetSynthesys has raised Rs 300 crore from existing shareholders to strengthen its gaming and digital entertainment offerings and interest-based social community platforms.

The capital infusion, announced on Wednesday, comes from Kris Gopalakrishnan, the family office of Adar Poonawalla, and the Navani family-owned Jetline Group. Other shareholders of JetSynthesys include the family offices of Thermax, Triveni Group and DSP Group.

“We will be investing in our platforms and strengthen our content and technology. We will also be pursuing global partnerships in Japan, US and UK,” said Rajan Navani, managing director of JetSynthesys.

The company operates primarily in the online gaming segment, and also has a digital wellness platform. The decision to invest in these platforms is bolstered by the surge in consumption over the last few months.

Navani said the aim is for each platform to generate Rs 100 crore in revenue over the next 24-36 months. The company’s e-sports joint venture, Nodwin Gaming, has grown to about Rs 100 crore over the last four years, and the company intends to replicate this with other platforms too.

The company will also be investing in developing its captive social destination arm, which includes 100MB, a joint venture with cricketer Sachin Tendulkar. It also intends to hire globally, expanding its workforce of 500 people by about 50% over the next two years.

“We have several initiatives in gaming, content, digital commerce, mindfulness and fintech which are seeing increased traction during Covid times. Our international business with global partners is also seeing increased traction. This funding will allow us to invest more in sales and marketing as well as scale up operations,” said Kris Gopalakrishnan, non-executive chairman of JetSynthesys.

JetSynthesys has over 100 million consumers in 180 countries across various platforms. A part of the fund infusion will be used to expand the company’s consumer base over the next 36 months.

As part of its growth strategy, the company also announced a new gaming partnership with WWE for ‘WWE Racing Showdown’, a vehicular combat game. India is the second largest consumer market for WWE after the US.

Digital products and services are seeing a spike in demand amid the viral pandemic, as fewer people move out of their homes for social activities and entertainment.

“In light of recent global developments, digital products and services are the need of the hour, since they help everyone feel connected, while also contributing towards social distancing. Gaming, social communities, and digital entertainment have thus become basic essentials in this new normal…,” said Adar Poonawalla, chief executive of Serum Institute of India.

JetSynthesys raises Rs 300 crore from existing shareholders JetSynthesys raises Rs 300 crore from existing shareholders Reviewed by TechCO on 7/08/2020 Rating: 5

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