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The Swedish strategic acquiror and operator of gaming and esports companies Modern Times Group MTG AB (MTG) successfully completed the acquisition of Indian startup PlaySimple for the sum of $360 million on July 2021.
When HSBC Mauritius clients Elevation Capital and Chiratae Ventures were looking to sell a gaming business in which they had invested in – Indian games developer PlaySimple, they turned to HSBC Mauritius where the entities are both set up. HSBC Mauritius, in collaboration with HSBC teams in India, Hong Kong and Sweden, supported its clients on this landmark transaction by providing an escrow solution for the transaction in which the gaming business was sold to MTG.
The deal involved multiple sellers, and HSBC, thanks to its seasoned team of relationship managers, was able to deliver bespoke solutions both for the buyer and the sellers involved in this acquisition, and the whole transaction was delivered seamlessly at the time of closing.
Considered as one of the biggest exits in the startup ecosystem in India, this acquisition brought together key players such as Chiratae Ventures and Elevation Capital as well as some prominent names from the Indian Venture Capital investors space.
Commenting on this exceptional and complex transaction, Bonnie Qiu, CEO of HSBC Mauritius said: “I am delighted to see HSBC able to consistently leverage our global footprint to deliver timely solutions and support to our clients, as they energise for growth. This escrow deal was delivered seamlessly by diferent teams working together across multiple jurisdictions in Asia Pacific and Europe, with both the buyer and sellers.”
Escrow solutions have been in high demand on the market for some time now and we were well inspired to have launched this in Mauritius in 2019 and have multiple transactions in the pipeline. We count some of the largest investors active in this space among our satisfied clients and we are happy to add Chiratae Ventures and Elevation Capital to this list.