Clearstone-backed Games2Win acquires Indian start-up

Established in 2010, BGF builds flash web and mobile "casual games" for Facebook as well as the Android and iOS operating systems. Its clients have included Volkswagen, Indian TV channel Star Plus as well as online games firm Zapak; Games2win is also a client.

"We have had a long working relationship with Backyard Game FactorRy and have always appreciated their work," Alok Kejriwal, co-founder and CEO of Games2win said in a statement. "Given that we are rapidly expanding our teams and headcount, we found it viable to propose a 100% acquisition of Backyard Game FactorRy."

The company will continue to operate as it has, with its existing staff being headed by promoter Rahul Jaiswal. There are plans to build a larger studio and make new hires. Kejriwal adds that Games2win will acquire more game studios in India which have an expertise in mobile and online games.

According to AVCJ Research, Games2win initially received $5.5 million of venture capital funding from Clearstone and Silicon Valley Bank (SVB) India Advisors in early 2007, with Nexus India Capital Advisor making an additional undisclosed commitment later that year. Clearstone and SVB then both returned to take part in a $6 million round of investment in 2011.

Nirvana Venture Advisors acquired a 10% stake from early investor Nexus India and ICICI Ventures in March 2012. Games2win then raised another $2 million in Series C funidng from Clearstone in March this year.

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