Jetapult, a Bengaluru-based gaming investment company backed by Accel and Fireside Ventures, has acquired a significant stake in Saudi Arabia-based game developer UMX Studio through a $4.5 million all-cash deal (about Rs 37.8 crore). This is Jetapult’s first investment in the Middle East and North Africa (MENA) region.
Along with equity, Jetapult will provide funds to grow UMX Studio’s portfolio, expand its audience across various markets, and develop games in new genres. Jetapult’s gaming experts will also help UMX Studio boost user acquisition, scale monetization, and adopt advanced analytics and AI tools.
Launched in 2022 by Sharan Tulsiani and Yash Baid under JetSynthesys, Jetapult supports game development studios using an invest-and-operate model. The company targets Southeast Asia, MENA, Eastern Europe, and South America.
The company has committed to invest $100 million over the next five years.
“This is part of Jetapult’s broader plan to invest in a diverse portfolio of gaming studios in emerging markets, and that is where the growth continues to be, especially in the gaming industry,” Tulsiani, who previously led gaming at Google Play Asia – India and ANZ markets, said.
Prior to this, Jetapult invested in Mumbai-based Holy Cow Studio and plans to invest in four to five companies annually.
“Our focus is to have a portfolio of companies targeting high average revenue per user markets globally, and the Middle East is an upcoming hub. UMX is one of the first players to come out of that market and to build very strong culturally resonating games for that particular audience. We believe that adding more titles and genres under a cohesive umbrella of companies will make sense for the next five to seven years,” said Baid.
This investment trend follows a rise in international acquisitions by gaming companies. For instance, Mumbai-based Nazara Technologies recently allocated around Rs 830 crore for mergers and acquisitions in markets like India, Europe, and North America. Noteworthy acquisitions by Nazara include Comic Con India, West Asia-focused marketing firm Publishme, Singapore-based events firm Branded, and Turkish esports company Ninja Global.
