Mumbai-based mobile games developer Nazara Technologies Ltd has acquired a 27.42% minority stake in digital entertainment company Crimzon Code, the company said in a statement.
With this acquisition, Nazara will offer real money quizzes, where users can win money by answering questions on a live quiz, the statement added. As part of the deal, Nazara will also publish Crimzon Code’s flagship quiz game, TopQuiz, across emerging markets.
“Quizzing has been very popular with Indians and is a source of clean fun and a booster for self- pride, cutting across age groups, gender and socio-economic class,” Manish Agarwal, co-founder and chief executive of Nazara Technologies said in the statement.
Mumbai-based Crimzon Code, operated by Jatia Education Pvt Ltd, was founded in 2017 by Devavrat Jatia. According to the firm’s LinkedIn page, the company runs two brands: TopQuiz and Brainnr. The former is an entertainment quiz app where users can play trivia quizzes and win real money on a variety of topics that include Bollywood, cricket and brand logos among others.
“Quizzing combined with real money has immense potential. Skill-based game play around quizzing is deeply embedded in the DNA of Indians. We believe that having the backing of Nazara will provide us with a springboard to launch real money quiz in 61 countries across emerging markets,” Jatia, CEO of Crimzon Code stated.
TopQuiz has scaled to over five lakh users in a span of six months. It claims to have currently over one lakh monthly active users who engage for over 15 minutes on the application per session. Most of its users are from Tier-2 and Tier-3 cities and the company intends to scale this to a larger number within India and other emerging markets.
Its other brand, Brainnr, is an educational app that helps students in the CBSE, ICSE and IGCSE curriculum improve their knowledge on various topics. The app offers multiple choice questions segregated based on the topic and curriculum which are freshly created by certified examiners across India.
