Nirvana Venture Advisors has acquired 10% in Games2Win from early investors Nexus India, ICICI Ventures and from a few senior Company employees, Games2Win has announced. From the announcement, it is not very clear whether there has been an additional investment in the company, or this is merely an instance of investors and employees encashing some of their stake. Nexus and ICICI Ventures continue to hold shares in the Company, and Clearstone Venture Partners and SVB Holdings have not divested their shares in this transaction, or apparently invested further. Amit Patni, co-founder of Nirvana Venture Advisors, will join the Games2win Board.
Games2Win Co-Founder and CEO Alok Kejriwal – probably preempting questions about why just a sale and not why not fund raising – says in the announcement that they have sufficient capital for growth, which is why Nirvana invested in the Company by providing partial exits to the early shareholders and key employees. He claims that their games are doing rather well on the Android platform, crossing 10 million downloads, with over 100 million game plays. So there isn’t a non-compete agreement with Mobile2Win (which was acquired by Altruist), or has that expired? Update: Kejriwal informs us in the comments that the non-compete ended in 2009.
Games2Win began with creating quirky flash games often related to current topics (like throwing a shoe at a politician), and its parking games did quite well. These are formats that can be easily extended to mobile platform, and Games2Win claims to have over 600 proprietary games.
In terms of creatives, another company that was looking at creating quirky android games was WebChutney, following its partnership with One97 Communications* last year. The games were due to be out in June last year. What happened to that deal?
* Disclosure: One97 Communications is an advertiser with MediaNama