JetSynthesys, a Pune-based digital entertainment and technology company and part of the Navani family owned JetLine Group of Companies, announced that it has raised Rs 300 crore from existing shareholders to strengthen its gaming and digital entertainment offerings and interest-based social community platforms.
Investors that took part in the funding round include Kris Gopalakrishnan, the family office of Adar Poonawalla, and the Navani family-owned Jetline Group. Other shareholders of JetSynthesys include the family offices of Thermax, Triveni Group and DSP Group.
“We will be investing in our platforms and strengthen our content and technology. We will also be pursuing global partnerships in Japan, US and UK,” said Rajan Navani, managing director of JetSynthesys.
Navani said the aim is for each platform to generate Rs 100 crore in revenue over the next 24-36 months. The company operates primarily in the online gaming segment, and also has a digital wellness platform. The company’s e-sports joint venture, Nodwin Gaming, has grown to about Rs 100 crore over the last four years, and the company intends to replicate this with other platforms too.
The company will also be investing in developing its captive social destination arm, which includes 100MB, a joint venture with cricketer Sachin Tendulkar. It also intends to hire globally, expanding its workforce of 500 people by about 50% over the next two years.
“We have several initiatives in gaming, content, digital commerce, mindfulness and fintech which are seeing increased traction during Covid times. Our international business with global partners is also seeing increased traction. This funding will allow us to invest more in sales and marketing as well as scale up operations,” said Kris Gopalakrishnan, non-executive chairman of JetSynthesys.
JetSynthesys has over 100 million consumers in 180 countries across various platforms. As part of its growth strategy, the company also announced a new gaming partnership with WWE for ‘WWE Racing Showdown’, a vehicular combat game.
“In light of recent global developments, digital products and services are the need of the hour, since they help everyone feel connected, while also contributing towards social distancing. Gaming, social communities, and digital entertainment have thus become basic essentials in this new normal…,” said Adar Poonawalla, chief executive of Serum Institute of India.
Infosys co-founder and former Vice Chairman and CEO of Infosys, Kris Gopalakrishnan is the Non Executive Chairman of the Company and is also an investor, Rajan Navani is the Vice Chairman, Managing Director and CEO, Parimit Parmar serves as the Executive Director and COO while Rakesh Navani is the Finance Director of the Company.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.