India Digest: Capital First backs Village Financial; Nazara buys 27% in CrimzonCode

Warburg Pincus-backed Capital First Ltd has entered into an agreement to acquire minority stake in Village Financial Services while mobile games developer Nazara has purchased 27.42 per cent stake in development studio CrimzonCode.

Capital First picks Village Financial stake

Warburg Pincus-backed non-banking financial company (NBFC) Capital First Ltd has entered into an agreement to acquire 7.03 per cent stake in Village Financial Services for Rs 15 crore. In a stock exchange filing on Monday, Capital First said, it will acquire 31,25,000 equity shares in the Kolkata-based company at Rs 48 apiece. Incorporated in 1994, Village Financial is registered with the RBI as an NBFC. It is  engaged in providing micro-finance loans to women borrowers through joint liability group model and has presence across eight states, primarily in eastern India. It clocked annual turnover of Rs 113.88 crore in FY18, up from Rs 77.97 crore in the previous fiscal. The purchase will enable a business tie-up with Village Financial, Capital First said. The transaction is likely to be completed within 15 days of signing the agreement.

Nazara picks stake in CrimzonCode

Mumbai-based mobile games developer Nazara Technologies Ltd has acquired 27.42 per cent stake in development studio CrimzonCode, as per an announcement. CrimzonCode owns TopQuiz franchise, which claims to be one of India’s leading quiz games that allows players to win real money. Nazara will be publishing TopQuiz across emerging markets as part of a multi-year partnership with CrimzonCode, it said in a statement. In a short span of six months, TopQuiz claims to have scaled over to more than 5,00,000 users, and currently has over 1,00,000 monthly active users engaging for over 15 minutes on the application per session.

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