Gaming giant Stillfront Now in Bangladesh
Over the last few years, mobile gaming is booming and now this industry will be the next frontier of the business sector. Stillfront Group, a Swedish game company headquartered in Stockholm acquired 100% shares of “Moonfrog” Labs that is basically an India-Bengaluru-based company.
Moonfrog Labs subsidiary; “Ulka Games” Limited is a Dhaka-based company which is currently the leading game-developing company in Bangladesh.
91% shares had been transferred for USD 90 Million. Rest will be completed within the next three years. Other payouts will be done according to the performance of these studios.
In 2020, the video gaming market was worth USD 180 billion where 51% of that came from mobile games.
Compared to that, in the local market of Bangladesh, the video game industry worth is only USD 50 million, which is less than 0.05 percent of the global market size.
The acquisition of Ulka Games by Stillfront is showing a new ray of hope because it can open up new opportunities for the local industry.
Local startups previously failed because of a lack of investment.
Founded by Zamilur Rashid in early 2019, Ulka is considerably the fastest-growing game development studio in Bangladesh. Ulka has built some of Bangladesh’s most popular games like Adda, 29 Gold and Hazari Gold. It has a team of over 50 professionals.
Moonfrog Labs Private Limited was founded in late 2013 by Tanay Tayal, Ankit Jain, Kumar Puspesh, Oliver Jones, and Dimpalkumar Maisuriya with the mission of making mobile gaming inclusive in India. The company has raised USD 15M+ from world’s top two VC firms Sequoia Capital and Tiger Global. Now, it has a team of over 200 employees.
With successful games like Ludo Club, Jalebi and Teen Patti Gold; Moonfrog has gained a lot of popularity. They have successfully made some of the most admired evergreen indoor family games and currently they are focusing on the development of new mobile games; like Baahubali and Kalyug.
Founded by Jorgen Larsson, Stillfront Group is a leading free-to-play powerhouse of gaming studios and he is the current CEO of the company. Their games are distributed globally and their main markets are Europe, the US and the MENA region. The company has been listed on Nasdaq First North Premier since December 2015 and has over 1,000 employees.
Abdullah Al Soad
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