Times Internet spin-off and remittance app Abound has secured $14 million in a seed round; Battlegrounds Mobile India-maker Krafton has bought Pune-based game studio Nautilus Mobile for $13.7 million (Rs 118 crore);
Abound bags $14m to help NRIs in US remit money
Times Internet spin-off and remittance app Abound has secured $14 million in a seed round to support more non-resident Indians in the US send money home. The all-equity round was led by NEAR Foundation, with participation from Circle Ventures, Times Internet, and other investors. Abound plans to use the capital to expand its presence and offerings, and improve infrastructure.
Although the company has plans to enter Canada, Singapore, and the UAE, all of which have a large number of non-resident Indians, the immediate focus is to enter the US and cater to the rising and affluent Indian diaspora there.
Krafton buys gaming studio Nautilus Mobile for $13.7m
Battlegrounds Mobile India (BGMI)-maker Krafton has bought a majority stake in Pune-based game studio Nautilus Mobile for $13.7 million (Rs 118 crore) to expand its presence in gaming in India. This is the company’s first full-control deal in India.
Nautilus Mobile, known for its mobile cricket game, Real Cricket, was acquired by JetSynthesys in 2020. Two years later, the South Korean gaming behemoth Krafton invested Rs 40.5 crore in it. JetSynthesys will continue to be a minority investor in the company. Established in 2013 by Anuj Mankar, Nautilus Mobile has launched several gaming titles under the Real Cricket brand including Real Cricket 24, Real Cricket 22, Real Cricket Swipe, and Real Cricket Premier League.
Aramco in talks to invest in BPCL, ONGC
Saudi Aramco is in discussions to invest in Bharat Petroleum Corp’s (BPCL) planned refinery in Andhra Pradesh and a proposed Oil and Natural Gas Corp (ONGC) refinery in Gujarat, Reuters reported on Friday (March 28).
Aramco has been on the lookout for refining opportunities in India. In 2018, it joined a consortium of Indian companies to build a 1.2 million barrels per day refinery and petrochemical project in western India. In 2019, it signed a non-binding agreement for a 20% stake in Reliance Industries’ oil-to-chemical business, but the deal was cancelled due to differences over valuation.
ONGC shares were trading 5% higher at Rs 254.4 at 12 pm on March 28 on BSE, while BPCL shares were trading 2% higher at Rs 282 apiece.
